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."

cross-posted from: https://lemm.ee/post/2125276

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.

  • @[email protected]English
    6•1 year ago

    The only time we really do taxes currently is when money changes hands, and the only time total estate wealth needs to be calculated right now is at death.

    So isn’t the easy win to just jack up the inheritance tax? Make it 75% of all wealth greater than 10,000x the median household wealth or something.

    The reason that isn’t happening when it’s way easier to implement systematically and constitutionally, is exactly why this won’t happen. Republicans hate wealth taxes and the truly wealthy will just hide their wealth offshore or in tax-sheltered instruments if the taxes get too high.

    • Aesthesiaphilia
      3•1 year ago

      and the truly wealthy will just hide their wealth offshore or in tax-sheltered instruments if the taxes get too high

      Fun fact: this is illegal, which is why properly funding the IRS is an absolutely necessary part of any new tax bill of any kind.

      • @[email protected]
        1•1 year ago

        Just a fun fact, not a problem. There are legal ways to shelter wealth or income from taxes. There are illegal ways to do the same. Wealthy people may use either or both.