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.
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
That’s fine, the first step is the crystallization of an actual piece of draft legislation that people can point to.
Now in the primaries, candidates can cite this proposed act and say that they would support. After a few years, a few elections, and many revisions, that’s when it would ever stand a chance of passing.
But for any of that to really happen, unfortunately, there has to be a document that people can point to as a reference. Now we have one. Happy day.