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Total 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
by wonderwonder 2y ago
Total 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.