Progressive Democrats are proposing a new tax they say will help 'close the exorbitant wealth gap'

•  The richest 0.1% of US households held 20% of the wealth, says the Patriotic Millionaires group. 
• It's helped several Democrats Representatives devise legislation for a new wealth tax. 
• The Bill aims to close the "exorbitant" US wealth gap but has little chance of passing the House. 

A group of progressive lawmakers have proposed a wealth tax on the richest households that reflects levels of inequality. 

Democrat Representatives including Barbara Lee of California and Jamaal Bowman of New York last week introduced the Oppose Limitless Inequality Growth and Reverse Community Harms, or Oligarch, Act that would make the wealthiest pay more tax.

The legislation was devised with the support of the Patriotic Millionaires and other allied organizations.