The advocacy group PatrioticMills called for '90% tax rates on centi-millionaires and an aggressive wealth tax designed to make billionaires less rich.'
that calls for, among other changes, a 90% top marginal tax rate for people with annual incomes above $100 million and a federal tax exemption for people who earn less than a"cost-of-living wage."the Oppose Limitless Inequality Growth And Restore Civil Harmony Act, which would create a progressive wealth tax structure aimed at countering the vast concentration of fortunes at the very top.
"The bracket thresholds are set at 1,000, 10,000, 100,000, and 1,000,000 times median household wealth, with marginal rates at 2, 4, 6, and 8 percent respectively," the group said."It will wax and wane with wealth concentration, intensifying during periods of extreme inequality when wealth at the top is increasing faster than wealth in the middle, and tapering off to near non-existence when median household wealth increases and inequality moderates.
"Tax Day is a reminder that the tax system isn't working for ordinary Americans. It's built to favor the richest in our society," said Nabil Ahmed, Oxfam America’s Director of Economic Justice."The ultrawealthy are sitting on mountains of wealth that remain largely untouched by taxes, and their wild riches are in no small part a result of intentional public policy."
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