this post was submitted on 27 Jul 2023
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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.

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[–] [email protected] 141 points 11 months ago (11 children)

This plan is so very soft on the billionaires and yet we are going to see it being resisted violently and with extreme prejudice.

[–] [email protected] 73 points 11 months ago (3 children)

By temporarily embarrassed millionaires, no less.

[–] [email protected] 26 points 11 months ago (1 children)

Even most of the extremely rich aren't effected by this, if you calculate it out you need over 31,000,000 dollars before the lowest bracket kicks in.

[–] joekar1990 14 points 11 months ago (1 children)

Uh my house will totally be worth that much so I hate this!

/S

[–] [email protected] 1 points 11 months ago

What about the family farmers and small business owners?

/s

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