Democrat lawmakers proposed a bill Wednesday seeking to impose taxes of up to 8 percent on the fortunes of ultra-wealthy American households.
“The Oppose Limitless Inequality Growth and Reverse Community Harms (OLIGARCH) Act to tax extreme wealth, reduce inequality, and combat the threat to democracy posed by aristocracy,” said a July 26 press release. Introduced by Representatives Barbara Lee (D-Calif.), Summer Lee (D-Pa.), Jamaal Bowman (D-N.Y.), and Rashida Tlaib (D-Mich.), the OLIGARCH Act proposes taxing anywhere from 2 to 8 percent of the wealth held by the ultra-rich annually.
