Progressives Unveil OLIGARCH Act to Combat 'Existential Threat' of Extreme Wealth

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.