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.

  • twelvefloatinghands@lemmy.world
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    1 year ago

    Keep in mind it’s a wealth tax, not an income tax, so these numbers hit way harder than the income tax ones you’re used to.

    • Rodeo@lemmy.ca
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      1 year ago

      It hits the same as property tax hits, because property tax is also a form of wealth tax.

      • Holomew@lemmy.world
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        1 year ago

        Income taxes only effect money earned that year, and have plenty of loopholes to lower that amount significantly. A wealth tax is based on total wealth owned, so it hits every year at the full amount, assuming wealth never goes down. Think property taxes; you pay the same amount for your house tax every year, because you still own it. And if the value increases, so do the taxes.