Progressives Unveil OLIGARCH Act to Combat 'Existential Threat' of Extreme Wealth Inequality
www.commondreams.org
"American oligarchs have used their wealth to accumulate an unprecedented level of political power, which they've used to amass even greater wealth. We must stop this cycle."

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.

    • zkfcfbzrEnglish
      24•1 year ago

      8% seems fine considering it’s a wealth tax, not an income tax. In 7 years that takes away 56% of their wealth.

      Granted, I’m not at all clear on what sort of assets constitute “wealth” here. How much of Musk’s $242.4 billion net worth that google currently spits out would be affected by this?

        • zkfcfbzrEnglish
          20•1 year ago

          8% is a good figure. 8% gets real change and it gets it fast. This rhetoric helps nothing. Wealth taxes are very different from income taxes.

    • @Whatsit_Tooya
      14•1 year ago

      It’s so soft and yet there is still 0% chance of this going anywhere. That’s where we are smh.

    • @_cerpin_taxt_
      3•1 year ago

      Why the fuck do I pay like 30% percent on my income? Fuck the IRS. Go after every single last billionaire tax dodger or stop taxing in general.

    • drphungky
      0•1 year ago

      8% on wealth is actually insane. Stock market growth is only 10% on average, and average inflation of 3%. If they had average growth they’d be losing significant money (like 1-2%) each year. So in practice 8% is just a really slow seizing of all wealth, and prevents them from making any more money unless they’re taking huge gambles and getting huge paydays that beat the market (which they would be incentivized to do). I’m all for taxing the hell out of the rich, but that’s not a well designed system and creates really perverse incentives.

      • Alto
        4•1 year ago

        Considering that 8% only starts at one million times average household wealth, I’ve gotta say who the fuck cares. There is no justifiable reason for any singular person to have that much wealth. Not one.