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."

cross-posted from: https://lemm.ee/post/2125276

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.

  • enkersEnglish
    8·
    1 year ago

    What could you possibly need more than a million times the AVERAGE wealth of a household for? Those percentage numbers are laughably low.

    Surely they’re meant to stack, right? Right?

  • OldWoodFrame@lemm.eeEnglish
    6·
    1 year ago

    The only time we really do taxes currently is when money changes hands, and the only time total estate wealth needs to be calculated right now is at death.

    So isn’t the easy win to just jack up the inheritance tax? Make it 75% of all wealth greater than 10,000x the median household wealth or something.

    The reason that isn’t happening when it’s way easier to implement systematically and constitutionally, is exactly why this won’t happen. Republicans hate wealth taxes and the truly wealthy will just hide their wealth offshore or in tax-sheltered instruments if the taxes get too high.

    • Aesthesiaphilia@kbin.social
      3·
      1 year ago

      and the truly wealthy will just hide their wealth offshore or in tax-sheltered instruments if the taxes get too high

      Fun fact: this is illegal, which is why properly funding the IRS is an absolutely necessary part of any new tax bill of any kind.

      • pound_heap@lemm.ee
        1·
        1 year ago

        Just a fun fact, not a problem. There are legal ways to shelter wealth or income from taxes. There are illegal ways to do the same. Wealthy people may use either or both.

  • TokenBoomer@lemmy.worldEnglish
    5·
    1 year ago

    Missed opportunity! I would have called it the GUILLOTINE Act. Give Us Income Loser Libertarians Or There Is No Existence Act.

      • devil_d0c@lemmy.worldEnglish
        5·
        1 year ago

        You know, my parents might have been able to get behind this if it came from the republicans. But the scary “foreign” woman’s name on the bill will be enough for them to say the stupidest shit in defense of billionaires to rationalize their fears.

    • chuckleslord@lemmy.world
      3·
      1 year ago

      8% of net worth taxed every year is small? The goal of this tax is to make the only way to reduce it be to reduce inequality. Seems like a solid strategy to me. Mind you, it requires that you don’t have a party of ratfuckers to work.

  • SapphireFox<3@lemm.eeEnglish
    15·
    1 year ago

    It’s crazy this nation started because of a Tax on tea. Now everyone wants to be taxed into oblivion.

    • oozynozh@lemm.eeEnglish
      5·
      1 year ago

      Taxed into oblivion? The max rate is 8% at 1000000x the average. I think our poor billionaires can cope.

    • SuiXi3D@kbin.social
      5·
      1 year ago

      Turns out when a few experience unchecked growth, it comes at the price of literally everyone else suffering.

    • Master@lemm.eeEnglish
      2·
      1 year ago

      The vast majority of this country is already taxed into oblivion. The only ones that are not taxed are the extremely wealthy who, incidentally, are the ones who can afford to be taxed.