General Discussion

Wiz Imp

(8,520 posts)

25. One million dollars is way too low a threshold for a wealth tax.

Tue Dec 9, 2025, 01:47 PM

Tuesday

Approximately 18% of U.S. households are considered millionaires. Your proposal is insane and would be absolutely disastrous.

Even the Senators most in favor of a wealth tax would not not apply it to anywhere close to as low a million dollars. Nor would they tax wealth at anywhere remotely close to 90%.

Senator Elizabeth Warren's proposal: A 2% annual tax on net worth above $50 million, with an additional 1% surtax (totaling 3%) on wealth exceeding $1 billion.

Senator Bernie Sanders' proposal: A more progressive tax starting at 1% for net worth between $32 million and $50 million, with rates progressively rising to 8% for wealth over $10 billion.

Biden Administration's "Billionaire Minimum Tax" proposal: A 25% minimum tax on total income (including unrealized capital gains) for taxpayers with net assets exceeding $100 million.

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