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.
Wealth taxes are super easy to avoid, so I’d much rather see something like cap gains+“luxury” sales/income taxes and such, but it’s a step in the right direction
Now raise taxes on everyone making over 100k and we’re really cooking with gas
$100k aint that much and those people already have a heafty tax burden. Plus luxury taxes are easily avoided when yachts and planes are purchased in the Bahamas. What we need are 50% taxes on the money they borrow against their assets. Want to buy another mansion? Cool 50% tax on the money Goldman Sachs lends you against your Amazon stock. If I have to pay a tax to borrow against my 401k so should these assholes.
$100k is 150% of median household income, and I’m talking about individual income. It is the boundary between 3rd and 4th quintiles of household income.
People are not overtaxed. They are dramatically undertaxed. I say this as a person earning over $100k - it’s not some weird snub. It’s just correct
https://dqydj.com/average-median-top-household-income-percentiles/
Rich people do pay taxes on money removed early from 401(k)s, which is why they don’t do that.
I do strongly support raising taxes on money borrowed against assets over $150k or so
$100k is a bad metric because somebody making $100k in the Bay Are or New York is basically in poverty. I make over $100k and I’m not well off at all. Not even close. And I’m not bad with money, have zero debt, save 15% in the 401k no kids and still things are tight.
Yeah federal taxation doesn’t work based on “I should be able to put 15% into my 401(k) and live where I want.”
$100k is not basically poverty in LA/NY or everyone making under $100k would be below poverty and that’s considerably more than half the population (median household income - that is, generally 2 working adults - of 68k in NYC, and NYC is more expensive than LA).