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Progressives Unveil OLIGARCH Act to Combat 'Existential Threat' of Extreme Wealth (www.commondreams.org)

submitted 1 year ago by ATQ@lemm.ee to c/politics@lemmy.world

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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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[+] SCB@lemmy.world -7 points 1 year ago* (last edited 1 year ago)

$100k is 150% of median household income, and I'm talking about individual income. It is the boundary between 3rd and 4th quintiles of household income.

People are not overtaxed. They are dramatically undertaxed. I say this as a person earning over $100k - it's not some weird snub. It's just correct

https://dqydj.com/average-median-top-household-income-percentiles/

Rich people do pay taxes on money removed early from 401(k)s, which is why they don't do that.

I do strongly support raising taxes on money borrowed against assets over $150k or so

[-] Not_Alec_Baldwin@lemmy.world 4 points 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 0 points 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.

[-] MisterCreamyShits@lemm.ee 0 points 1 year ago

$100k is a bad metric because somebody making $100k in the Bay Are or New York is basically in poverty. I make over $100k and I'm not well off at all. Not even close. And I'm not bad with money, have zero debt, save 15% in the 401k no kids and still things are tight.

[-] SCB@lemmy.world 1 points 1 year ago* (last edited 1 year ago)

Yeah federal taxation doesn't work based on "I should be able to put 15% into my 401(k) and live where I want."

$100k is not basically poverty in LA/NY or everyone making under $100k would be below poverty and that's considerably more than half the population (median household income - that is, generally 2 working adults - of 68k in NYC, and NYC is more expensive than LA).

this post was submitted on 27 Jul 2023

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