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.

  • Lexi Sneptaur@pawb.social
    1443·
    1 year ago

    This plan is so very soft on the billionaires and yet we are going to see it being resisted violently and with extreme prejudice.

    • givesomefucks@lemmy.world
      212·
      1 year ago

      Pretty sure thats the point.

      Showing that the billionaires will react to practically nothing like it will destroy them. And hopefully maybe a few more people will realize they’re full of shit

    • twelvefloatinghands@lemmy.world
      181·
      1 year ago

      Keep in mind it’s a wealth tax, not an income tax, so these numbers hit way harder than the income tax ones you’re used to.

      • Rodeo@lemmy.ca
        4·
        1 year ago

        It hits the same as property tax hits, because property tax is also a form of wealth tax.

        • Holomew@lemmy.world
          5·
          1 year ago

          Income taxes only effect money earned that year, and have plenty of loopholes to lower that amount significantly. A wealth tax is based on total wealth owned, so it hits every year at the full amount, assuming wealth never goes down. Think property taxes; you pay the same amount for your house tax every year, because you still own it. And if the value increases, so do the taxes.