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.

  • Aesthesiaphilia
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    fedilink
    31 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]
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      fedilink
      11 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.