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.

  • _cerpin_taxt_@lemmy.world
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    1 year ago

    Why the fuck do I pay like 30% percent on my income? Fuck the IRS. Go after every single last billionaire tax dodger or stop taxing in general.

    • Alto@kbin.social
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      1 year ago

      Wealth taxes are much different than income taxes, and as such have a lower percentage.

    • donut4ever@lemm.ee
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      1 year ago

      I actually agree with you. There should not be tax on labor. I’m already helping society with my labor, why would you double down on me?