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.
8% seems fine considering it’s a wealth tax, not an income tax. In 7 years that takes away 56% of their wealth.
Granted, I’m not at all clear on what sort of assets constitute “wealth” here. How much of Musk’s $242.4 billion net worth that google currently spits out would be affected by this?
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8% is a good figure. 8% gets real change and it gets it fast. This rhetoric helps nothing. Wealth taxes are very different from income taxes.