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.
For everyone saying this is not harsh enough, it is a WEALTH tax. Not income, wealth. All owned assets. Meaning any of these people who don't increase their net worth by at least the amount of the tax each year will lose more and more of their total wealth year over year.
It isn't intended to strip all mega rich people of all their stuff immediately - that obviously could never pass - but still is intended to open the door to wealth taxes and redistributive policies more broadly.
It's a great move. If we can get anything like this passed, it is a significant victory.
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
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In other news, renting a house has never been more popular! On secondary news, rent has raised across america by 8% unilaterally
The Supreme Court would veto it as unconstitutional even if passed. https://www.npr.org/sections/money/2019/12/17/787476334/is-a-wealth-tax-constitutional
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