Share Everybody's Success
when you have more money than you can spend in in a lifetime, maybe share some with the rest of us?
Wealth Tax Proposal 1Your First $10 Million
No wealth tax on any net worth less than or equal to $10 million. You did it. You won the American dream.
Your housing plus your retirement account plus your checking and savings are valued at $3 million. Congratulations! No wealth tax for you.
Wealth Tax Proposal 2Your Second $10 Million
Your $10,000,001th dollar and above will be taxed 1% to celebrate your extraordinary capital accumulation abilities.
Your contribution to the public good will be used to mitigate climate crisis impacts and offset health care costs.
You win the lottery and take a lump sum payment delivered as $17 million after income taxes. Assuming no other significant assets exist for you, your first year’s wealth tax will be: $10,000,000 million * 0.00) + ($7,000,000 * 0.01) = $70,000. But, you still have $16,930,000!
Wealth Tax Proposal 3Your Third $10 Million
Your $20,000,001th dollar and above will be taxed an additional 1% to celebrate your supernormal capital manipulation abilities.
This time assume you take a lump sump lottery payment delivered as $27 million after income taxes. Assuming no other significant assets exist for you, your first year’s wealth tax will be:
After your social responsibility share, you still have $26,830,000 remaining!
Wealth Tax Proposal 4Your 4th through 10th $10 Million
Each $10 million increase in your calculated wealth value increases your yearly wealth sharing obligation by 1% up to a limit of 10%.
Let’s say you sell a company you own 100% for $500 million. Somebody just walks up and gives you $500 million in exchange for a company you’ve spent your lifetime building. Under our socially responsible success sharing plan, your obligation will be:
After $100 million you pay a flat 10%. The math works out as:
You still have $455,500,000 left over!