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By web search, there are 614 billionaires in the US. Let's say you took an extra 100 million dollars from each of them every year: $61.4 billion. The total an
by jschveibinz 6y ago
By web search, there are 614 billionaires in the US. Let's say you took an extra 100 million dollars from each of them every year: $61.4 billion. The total annual tax revenue in the US is almost $4 trillion--that is 4000 billion. $61.4 billion is a drop in the bucket. In my opinion, the numbers don't warrant all of the hand-wringing about billionaires--whose worth is largely invested capital which stimulates the economy.
- dennis_jeeves 6y agoBut the peasants are rebelling, what do we do to pacify them?
- eesmith 6y agoThe headline is incomplete. The proposal also includes a 2% tax on wealth over $50 million. The article estimates about 100,000 Americans would be affected, giving a minimum of $100 billion in increased taxes. The article then goes on to estimate a revenue of $300 billion/year ($3T/decade). An increase of 7.5% in the total annual tax revenue is not a drop in the bucket. Full details are at https://www.warren.senate.gov/imo/media/doc/Wealth%20Tax%20Revenue%20Estimates%20by%20Saez%20and%20Zucman%20-%20Feb%2024%2020211.pdf https://www.warren.senate.gov/imo/media/doc/Wealth%20Tax%20R... , which was linked-to from the article.