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.

  • Rodeo
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    1 year ago

    It literally says “all wealth” and doesn’t talk about income at all.

    This is exactly the kind of tax we need. I think its a very interesting idea to tie it to median wealth, though using household as opposed to individual wealth I’m not sold on.

    • extant@lemmy.world
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      1 year ago

      The same point still stands regardless of it’s income tax or any other arbitrary constraint, if they hide their assets how do you apply this policy to that?