In his recent article in the Institute for Policy Studies entitled “Oligarchy Has Arrived. Congress Must Take Notice — and Act! An innovative tax-the-rich proposal now before lawmakers would reverse the wealth concentration that’s suffocating our democracy“, Associate Fellow Bob Lord describes the rationale behind the proposed “Oligarch Act”. This proposal, effective only on individuals making more than one thousand times the median annual income, would be an annual progressive tax from 2-8% of the individual’s total wealth.

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