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Progressives Unveil OLIGARCH Act to Combat 'Existential Threat' of Extreme Wealth (www.commondreams.org)

submitted 1 year ago by ATQ@lemm.ee to c/politics@lemmy.world

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According to a summary of the bill released by the Patriotic Millionaires—an advocacy group that helped craft the measure—the wealth tax would have four brackets:

2% for all wealth between 1,000 and 10,000 times median household wealth;
4% for all wealth between 10,000 and 100,000 times median household wealth;
6% for all wealth between 100,000 and 1,000,000 times median household wealth; and
8% for all wealth over 1,000,000 times median household wealth;

"In the unlikely event median household wealth fell below $50,000 from its current level of about $120,000, the thresholds would be fixed at $50 million, $500 million, $5 billion, and $50 billion respectively.”

The legislation would also require at least a 30% IRS audit rate on households affected by the new wealth tax.

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[-] neeeeDanke@feddit.de 16 points 1 year ago

The legislation would also require at least a 30% IRS audit rate on households affected by the new wealth tax, according to the summary.

[-] extant@lemmy.world 1 points 1 year ago

I don't understand what this statement says. The it's has to pick 30% of all households that make more than a thousand times the medium income? Is that lower than standard or higher? Why 30% and not 100%?

[-] neeeeDanke@feddit.de 5 points 1 year ago

since they took the effort to include it in the proposal, I would assume it is significantly higher. Where I live the standard often varies from state so state, because some states use a low enforcement rate to attract buissnesses ("as in yeah, our federal taxes aren't cheaper here, but we if you cheat it's not like we are gonna catch you...").

I assume not a 100% because that would be a herculean effort and at a certain point if your chances of getting caught are high enough -and there are significant fines- you won't need 100% because the risk is high enough to make most people not cheat out of fear of getting caught.

this post was submitted on 27 Jul 2023

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