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.
That’s it? The highest one is 8%? Wtf is this, a joke? No one needs billions of dollars. No one should hoard billions while others sleep in the streets. Hell, billionaires shouldn’t exist at all.
Edit: also where is the “assets” and stocks tax?
8% seems fine considering it’s a wealth tax, not an income tax. In 7 years that takes away 56% of their wealth.
Granted, I’m not at all clear on what sort of assets constitute “wealth” here. How much of Musk’s $242.4 billion net worth that google currently spits out would be affected by this?
It’s not like their wealth is not increasing. Fuck them, I wish I could tax them 90% after their first billion. No one needs one thousand million dollars. Holy shit! It’s a lot of money they’ll never ever spend. Also, I’d tax everything they own, even their stocks and other “assets” they use to avade taxes.
8% is a good figure. 8% gets real change and it gets it fast. This rhetoric helps nothing. Wealth taxes are very different from income taxes.
It’s so soft and yet there is still 0% chance of this going anywhere. That’s where we are smh.
Yup. I’ve literally given up hope on this government. At this point, I’m just waiting for a total collapse of this country. It will happen, but I don’t know when.
Sounds like where I’m at. The Paranoia Agent OP just keeps getting louder and louder in my head with every passing year.
Paranoia Agent…now that’s a name I haven’t heard in a long time.
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Have a fun 16 and a half-ish years
It’s common sense. You can’t have infinite growth from a finite source. It just doesn’t work that way. Billionaires know this, that’s why some of them are actually building bunkers and “post apocalypse” places for themselves. They know it burns, yet, they keep playing with fire. Education and health of societies are very important, like the article says, but capitalism doesn’t care. Those short term profits are more important until they don’t mean shit anymore, or don’t even come by. I’m waiting patiently. I’ll be in my 50s. I grew up very poor in a 3rd world country and I know I will survive it easily.
I don’t think that report took into account the effect of feedback loops. I give it like ten, at the rosiest.
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.
Wealth taxes are much different than income taxes, and as such have a lower percentage.
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?
8% on wealth is actually insane. Stock market growth is only 10% on average, and average inflation of 3%. If they had average growth they’d be losing significant money (like 1-2%) each year. So in practice 8% is just a really slow seizing of all wealth, and prevents them from making any more money unless they’re taking huge gambles and getting huge paydays that beat the market (which they would be incentivized to do). I’m all for taxing the hell out of the rich, but that’s not a well designed system and creates really perverse incentives.
Considering that 8% only starts at one million times average household wealth, I’ve gotta say who the fuck cares. There is no justifiable reason for any singular person to have that much wealth. Not one.