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.
Yup. I’ve literally given up hope on this government. At this point, I’m just waiting for a total collapse of this country. It will happen, but I don’t know when.
Sounds like where I’m at. The Paranoia Agent OP just keeps getting louder and louder in my head with every passing year.
Paranoia Agent…now that’s a name I haven’t heard in a long time.
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Have a fun 16 and a half-ish years
It’s common sense. You can’t have infinite growth from a finite source. It just doesn’t work that way. Billionaires know this, that’s why some of them are actually building bunkers and “post apocalypse” places for themselves. They know it burns, yet, they keep playing with fire. Education and health of societies are very important, like the article says, but capitalism doesn’t care. Those short term profits are more important until they don’t mean shit anymore, or don’t even come by. I’m waiting patiently. I’ll be in my 50s. I grew up very poor in a 3rd world country and I know I will survive it easily.
I don’t think that report took into account the effect of feedback loops. I give it like ten, at the rosiest.