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pat_k

(13,902 posts) Thu May 21, 2026, 09:24 PM Thursday

This would be a start

Last edited Thu May 21, 2026, 10:32 PM - Edit history (1)

A one+-time graduated levy on assets with these targets

20% on assets in excess of 500 million.

From 15% to 20% on assets from 200 to 500 million

From 10% and 15% on assets from 50 million to 200 million

From 5% to 10% on assets from 10 million to 50 million

I've pulled these numbers out of my ass, but I have no doubt such a one time levy would make a decent start.

Since 1981 the corrupt Republican project has transferred more than 50 trillion from the bottom 90% to the top 1 %.

It's time for the beneficiaries to start contributing their fair share. Without a strong public sector they would never have amassed the wealth they have. They have hoarded a lion's share of our collective resources long enough.

So, while we figure out what those who benefit the most from a strong public sector should be contributing EVERY year, we start with a one-time levy. And by strong public sector, I mean one that ensures an educated, healthy electorate, enforcement of constitutional rights, robust judicial system, safety nets to protect against the excesses of capitalism, infrastructure, national security, and on and on

Not even running through what the lower rates would generate,

A one-time 20% levy on net assets exceeding $500 million would generate an estimated $500 billion to $1 trillion in federal revenue.

A one-time levy of 15% on the assets of individuals in the $200 million to $500 million range is estimated to raise roughly $150 billion to $200 billion nationally, depending on the exact number of households and assuming a 15% tax avoidance rate.

2 replies

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Highlight:

This would be a start (Original Post) pat_k Thursday OP

Why make it only one time? Bayard Thursday #1

A one-time levy as a start would cover the deficit while we hammer out... pat_k Thursday #2

Bayard

(30,335 posts)

1. Why make it only one time?

Reply to pat_k (Original post)

Thu May 21, 2026, 10:30 PM

Thursday

A trillion dollars still wouldn't pay off the amount of national debt trump has run up, and he just keeps adding to it. Maybe once every 5 years.

pat_k

(13,902 posts)

2. A one-time levy as a start would cover the deficit while we hammer out...

Reply to Bayard (Reply #1)

Thu May 21, 2026, 10:53 PM

Thursday

... reform -- universal health care, basic income, whatever -- and the progressive income tax and wealth tax fairness and economic justice demands long-term.

Could be a substantial wealth tax is part of that, but a one-time levy as a start:
1. Is hell of a lot harder to "plan for" and avoid.
2. Steep payment is more acceptable as a "one-time" payment.
3. Successfully passing such a one-time levy on wealth sets a precedent that the "can't be done" naysayers can't argue with. It sets the stage for a wealth tax becoming a standard revenue generating vehicle.

Just my humble notion, but I think that such a one-time levy is something that more candidates in our party should be talking about. It answers questions like: What can we do to even begin to address the magnitude of the transfer of wealth from the many to the few? How do we tackle the massive deficit (first step toward addressing the debt)? And more.

BTW, the deficit is currently about 1 trillion, so this actually would close the gap (and more) as we enact reform to, at a minimum, rescind the trump tax cut, rescind the insane ICE budget (if they even manage to pass it, which looks a little more doubtful today that it did yesterday), enact a single-payer public healthcare option, expand Medicaid beyond what it was before, expand SNAP beyond what it was under Biden, and so much more.

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