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Come on friend. I'll rephrase it slightly. All that money would only fund the US gov 6 months. The reality though it that it would destroy the country at a m

Come on friend. I'll rephrase it slightly. All that money would only fund the US gov 6 months. The reality though it that it would destroy the country at a minimum. What I will say is that during covid billionaires expanded greatly. So, the $6.1T that billionaires are worth, would fund 11 months of US spending ($6.9T)

ncallaway 2y ago
Sure, and I'm not a "billionaires shouldn't exist at all" person, so I'm not saying we should have a 95% wealth tax on billionaires. I'm also not proposing that we fund the government solely by taxing billionaires. I'm saying we should tax them significantly more than we do now, and we should also tax multi-millionaires a lot more than we do now, and we should focus on reducing the deficit by raising revenues. We don't need to close the gap with all 6.9T in spending, we need to reduce the deficit of $800B. We should look at raising an addition 200-600B in revenue, putting the burden largely on the backs of the extremely wealthy (and not just billionaires, but if you're in a household making more than half a million dollars a year), by heavily taxing their income, capital gains, and estates. We should look at moderate reductions in our defense spending. With approaches like that we could bring our deficit down into the $100-$200B range, which would be a more reasonable steady state for us.