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.
Whats the point of taxing the lower end of the tax bracket? Its just another handicap they are incurring on the already marginalized class… i dont care about people saying not taxing the rich enough, stop taxing the fucking poor!
Whats 600k for a person making 10M? Probably no waterfall pool renovation this year.
Whats 200 for a person making 10k? Probably going homeless.
The 10k isn’t what they make. It is how many times the median wealth they have. So the poorest affected will have a thousand times more wealth than the median household.