{
	"type": "rich",
	"version": "1.0",
	"provider_name": "Action Network",
	"provider_url": "https://actionnetwork.org",
	
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	"author_name": "Patriotic Millionaires",
	"author_url": "https://actionnetwork.org/groups/patriotic-millionaires",
	"title": "OLIGARCH Act",
	"thumbnail_url": "https://can2-prod.s3.amazonaws.com/groups/default_facebook_images/000/254/238/original/PatMillz.jpg?1657828704",
	"description": "There is a point when extreme wealth is, by definition, extreme power. We have undoubtedly reached that point in America now, and there is no better example to be found than Elon Musk. Earlier this week, The Wall Street Journal reported that Elon Musk has committed to donating $45 million a MONTH to a new pro-Trump Super PAC. Concentrated wealth is suffocating our democracy, threatening our economic system, and undermining our social cohesion. A government that works only for billionaires while ordinary Americans suffer cannot withstand authoritarian forces and extremists. To combat this threat, Representatives Barbara Lee (CA-12), Summer Lee (PA-12), and other lawmakers have introduced the Oppose Limitless Inequality Growth and Reverse Community Harms (OLIGARCH) Act. Drafted in partnership with the Patriotic Millionaires, the OLIGARCH Act would establish a wealth tax with four brackets: 2% for all wealth between 1,000 and 10,000 times median household wealth 4% for all wealth between 10,000 and 100,000 times median household wealth 6% for all wealth between 100,000 and 1,000,000 times median household wealth 8% for all wealth over 1,000,000 times median household wealth Because the richest households are the largest tax evaders, the bill also includes significant enforcement measures, including a requirement for at least a 30% audit rate on households covered by this tax, and establishes penalties for substantial valuation understatements. This tax is designed to respond to inequality, taxing more billionaires at a higher rate if inequality grows, and reducing the tab as inequality shrinks. Congress must take action now to stop this threat to our democracy before it’s too late. Click “Start Writing” to send a message calling on your Representative to pass the OLIGARCH Act now.",
	"url": "https://actionnetwork.org/letters/oligarch-act"
}