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If billionaires and multi trillion dollar companies paid their fair share; AND USA reduces spend in “defense”. We might actually see the daylight. But we all kn
by xyst 2y ago
If billionaires and multi trillion dollar companies paid their fair share; AND USA reduces spend in “defense”. We might actually see the daylight. But we all know that will never happen
- wonderwonder 2y agoTotal wealth of all US billionaires is 4.8 trillion. Tax it at 100% and the US still owes 30 trillion. US accrued over 2 trillion in debt just in 2023. So give it 2 years and all the billionaires are destitute, companies and employment collapses because owners had to dump all of their shares on the market and the US still owes the same or more. Then what? The US has a spending problem, not an income problem.
- s1artibartfast 2y agoIt is amazing how pervasive the misinformation around the wealthy and their share of income is. I have smart friends who think every worker could take home >100k/yr if we simply taxed the rich and redistributed the money. They are shocked when I explain total GDP per capita is 76k/yr, the government takes 30k of that in taxes, and then borrows another 11k.
- ein0p 2y agoIf you look at FRED data, even complete confiscation of all wealth from the top 0.1% is about $20T. IOW about 7 years of deficit spending at the current rate, if that, at the cost of decimating the underlying tax base - a lot of that $20T are productive assets which you can’t really sell on the open market in the absence of buyers, all of which you’ve just stripped of capital