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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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
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I don’t think that report took into account the effect of feedback loops. I give it like ten, at the rosiest.