Dems propose new tax on ‘extreme wealth’ in effort to ‘combat aristocracy’ – By Peter Kasperowicz (FOX Business) / July 28, 2023
The OLIGARCH Act targets America’s super wealthy
A group of progressive Democrats proposed legislation this week aimed at generating millions of dollars in new tax revenue by taxing “extreme wealth.”
The Oppose Limitless Inequality Growth and Reverse Community Harms Act, or the OLIGARCH Act, was introduced by Rep. Barbara Lee, D-Calif., and several other progressive Democrats.
Lee, who is running to replace Sen. Dianne Feinstein in the Senate, said her bill is aimed at taxing extreme wealth in the name of fighting the “threat to democracy posed by aristocracy.”
“Inequality in the United States is worse in 2023 than it was during the Gilded Age. It is unacceptable that millions of hardworking people remain impoverished while the top 0.1% hold over 20% of the nation’s wealth,” she said. “The OLIGARCH Act is the solution we need to close the exorbitant wealth gap in America and create a tax system where everyone pays their fair share.”
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