• psychothumbs@lemmy.worldOP
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    1 year ago

    The OLIGARCH Act specifically establishes four tax 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;

    · 8% for all wealth over 1,000,000 times median household wealth

    For reference, current median household wealth is around $120k: https://dqydj.com/average-median-top-net-worth-percentiles/

    So a the current rate would be

    · 2% for all wealth between $120 million and $1.2 billion

    · 4% for all wealth between $1.2 billion and $12 billion

    · 6% for all wealth between $12 billion and $120 billion

    · 8% for all wealth over $120 billion

    That top tax rate would apply to only two people, Bill Gates and Elon Musk, with a few more just barely below the $120 billion line: https://en.wikipedia.org/wiki/List_of_wealthiest_Americans_by_net_worth

    • Kecessa@sh.itjust.works
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      1 year ago

      You meant to say that Elon Musk will transfer all his wealth to his friend Elonov Muskovski, a 100% pure bread Russian, if that comes to pass.