Updated: Sep 3
How the Tax on Extreme Wealth Would Work
This tax on extreme wealth would have a progressive rate structure that would only apply to the wealthiest 180,000 households in America who are in the top 0.1 percent.
It would start with a 1 percent tax on net worth above $32 million for a married couple. That means a married couple with $32.5 million would pay a wealth tax of just $5,000.
The tax rate would increase to 2 percent on net worth from $50 to $250 million,
3 percent from $250 to $500 million,
4 percent from $500 million to $1 billion,
5 percent from $1 to $2.5 billion,
6 percent from $2.5 to $5