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.

  • Not_Alec_Baldwin@lemmy.world
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    1 year ago

    Warren Buffett doesn’t pay income tax because he doesn’t earn income.

    The billionaires don’t have a billion in cash, they don’t earn a billion dollars a year. They hold assets worth that much.

    Taxing wealth is the only way to combat the wealth gap.

    • SCB@lemmy.world
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      1 year ago

      First off you’ll need to define “combat the wealth gap.” Difference between high and low isn’t really a relevant thing.