Got too much money? Not to worry.

[Thinker101]

Democrats are proposing "The Oligarch Act", the solution "we" need to close the exorbitant wealth gap in America and create a tax system where everyone pays their fair share," Lee added.

The legislation has 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

8% for all wealth over 1,000,000 times median household wealth The median American household wealth is just over $120,000, according to the Patriotic Millionaires. "By design, this causes the tax to wax and wane with wealth concentration, intensifying during periods of rising inequality, but tapering off to near non-existence when median household wealth increases and inequality moderates to an acceptable level," per the group's website.

Democrats propose new tax to help close 'exorbitant wealth gap'

 

[RhodyPatriot]

Everyone also forgets the Trump tax cuts are prepped to sunset at the culmination of 2024.

It'll be funny to see all the Bernie/Ocasio disciples runnin' around like decapitated chickenz when they realize it truly wasn't a "tax cut for the rich".

 

[Toddsterpatriot]

Democrats are proposing "The Oligarch Act", the solution "we" need to close the exorbitant wealth gap in America and create a tax system where everyone pays their fair share," Lee added.

The legislation has 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

8% for all wealth over 1,000,000 times median household wealth The median American household wealth is just over $120,000, according to the Patriotic Millionaires. "By design, this causes the tax to wax and wane with wealth concentration, intensifying during periods of rising inequality, but tapering off to near non-existence when median household wealth increases and inequality moderates to an acceptable level," per the group's website.

Democrats propose new tax to help close 'exorbitant wealth gap'

And how much is collected in year two, when all the rich people leave?

 

[task0778]

This is what you'll get if and when the democrats ever takeover the WH, Senate, and House, with enough votes to abolish the filibuster. Plus reparations, ungodly spending on climate change, and whatever else they want. It's coming, maybe not in 2024 but it's gonna happen IMHO. The question is whether America can bounce back. Ordinarily I'd say yes, but this time sooner or later I think we're heading into another Great Depression, along with pretty much the rest of the world.

 

[Thinker101]

And how much is collected in year two, when all the rich people leave?

When that happens, the less rich people become the rich people.

 

[RhodyPatriot]

When that happens, the less rich people become the rich people.

It's equitable.

 

[task0778]

It's equitable.

Yeah, we'll all be poor as hell.