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.
The irony of that “go bigger” banner
Because god this is small
8% of net worth taxed every year is small? The goal of this tax is to make the only way to reduce it be to reduce inequality. Seems like a solid strategy to me. Mind you, it requires that you don’t have a party of ratfuckers to work.