psychothumbs@lemmy.world to politics @lemmy.worldEnglish · 1 year agoReps. Barbara Lee, Summer Lee, Jamaal Bowman, and Rashida Tlaib Introduce OLIGARCH Act to Tax Extreme Wealth and Combat Aristocracylee.house.govexternal-linkmessage-square18fedilinkarrow-up1395arrow-down19
arrow-up1386arrow-down1external-linkReps. Barbara Lee, Summer Lee, Jamaal Bowman, and Rashida Tlaib Introduce OLIGARCH Act to Tax Extreme Wealth and Combat Aristocracylee.house.govpsychothumbs@lemmy.world to politics @lemmy.worldEnglish · 1 year agomessage-square18fedilink
minus-squarepsychothumbs@lemmy.worldOPlinkfedilinkEnglisharrow-up35·edit-21 year agoThe 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
minus-squareKecessa@sh.itjust.workslinkfedilinkEnglisharrow-up7arrow-down1·1 year agoYou 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.
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
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.