Progressives Unveil OLIGARCH Act to Combat 'Existential Threat' of Extreme Wealth
![](https://lemmy.world/pictrs/image/db7182d9-181a-45e1-b0aa-6768f144911a.jpeg)
![Progressives Unveil OLIGARCH Act to Combat 'Existential Threat' of Extreme Wealth Inequality](https://forkk.me/pictrs/image/84c5c951-4b45-4386-9e05-4f0ee26579b4.jpeg?format=jpg&thumbnail=256)
commondreams.org
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.
You are viewing a single comment
It’s so soft and yet there is still 0% chance of this going anywhere. That’s where we are smh.