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.
Eight whole percent. I can hear their boots shaking now /s
Go with the Bernie plan. Anything over $1B is taxed at 100%. Shit, I think even that is too soft. Nobody needs even a fraction of that to for themselves and their children’s children’s children’s … to live like kings their entire lives.
Also, it’s always hilarious how American politicians are so obsessed with overly on-the-nose acronyms for legislation.
You’re almost certainly confusing wealth taxes with income taxes. Bernie Sanders had a wealth tax plan, it ranged from 1%-8% depending on wealth. From $1B to $2.5B the rate was 5%.