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

ATQ@lemm.ee to politics @lemmy.world – 616 points –
Progressives Unveil OLIGARCH Act to Combat 'Existential Threat' of Extreme Wealth Inequality
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.

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Just getting something like this out of committee and on the floor for debate would be huge. Unfortunately it stands no chance with the current congress

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