{"id":43237,"date":"2023-08-01T19:51:50","date_gmt":"2023-08-01T23:51:50","guid":{"rendered":"https:\/\/ifintechworld.com\/news\/heres-what-the-oligarch-act-the-democrats-latest-wealth-tax-bill-is-trying-to-do\/"},"modified":"2023-08-01T19:51:51","modified_gmt":"2023-08-01T23:51:51","slug":"heres-what-the-oligarch-act-the-democrats-latest-wealth-tax-bill-is-trying-to-do","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=43237","title":{"rendered":"Here\u2019s what the Oligarch Act, the Democrats\u2019 latest wealth-tax bill, is trying to do"},"content":{"rendered":"
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\n \u201c<\/span>\u2018We want to let the country know that some people want to do something about this, and others don\u2019t want to do something about it. Maybe they think that what makes America great is gross inequality.\u2019\u201d<\/span>\n <\/p>\n


\n \u2014 Morris Pearl, chair of the Patriotic Millionaires<\/span>
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The biggest backers of a new tax-the-rich proposal called the Oligarch Act admit that the bill doesn\u2019t stand a chance in a Republican-controlled U.S. House of Representatives, but they say it\u2019s important to continue to bring attention to growing economic and political inequality.<\/p>\n

The Patriotic Millionaires \u2014 a group that has\u00a0been pushing for higher taxes on the rich\u00a0for more than a decade \u2014 say that as of 2018, the richest 0.1% of U.S. households held one-fifth of the nation\u2019s wealth. In addition, the group says that the more than 700 billionaires in the U.S. got even richer over the past few years because of the coronavirus pandemic, adding more than $1 trillion to their collective wealth.<\/p>\n

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A bill introduced in the House last week seeks to establish a new tax that would rise and fall with U.S. median household wealth. The legislation, introduced by Democratic Reps. Barbara Lee of California, Summer Lee of Pennsylvania, Jamaal Bowman of New York and Rashida Tlaib of Michigan, was backed by the Patriotic Millionaires. The group has long said that economic and political inequality threatens business, society and the nation.<\/p>\n

Morris Pearl, the chair of the Patriotic Millionaires and a former BlackRock executive, acknowledged in an interview with MarketWatch on Monday that the House, which is majority Republican, isn\u2019t likely to pass a bill that calls for new taxes. But, he said, \u201ccivil-rights bills were first introduced during the Truman administration and finally passed under Lyndon Johnson. Sometimes things take time.\u201d<\/p>\n

The legislation would establish four brackets for the new tax:<\/p>\n