3 ms·

There aren't enough rich people to fund the government at the levels it spends.

• deleted 2y ago
  [deleted]
• bgwalter 2y ago
  According to https://www.federalreserve.gov/releases/z1/dataviz/dfa/distribute/table/ https://www.federalreserve.gov/releases/z1/dataviz/dfa/distr... the top 0.1% hold $22.14 trillion and the top 1% hold $54 trillion. The total federal debt is around $35 trillion. So for sure the top 1% could pay off the debt in order to have a reset at least. I'm not saying it should be done, but it does not seem impossible.
  • Robotbeat 2y ago
    It’s paper wealth. If you forced a sell off, the value would plummet. Look at revenue.
    • kevinventullo 2y ago
      Maybe a direct transfer then. Don’t have to worry about share prices when the tax is a % of shares owned.
      • Robotbeat 2y ago
        Do you think the government should start owning shares? Seems problematic. Instead, we could tax realized gains and profits. I think in general this is all just a round about way of doing the taxation we already do, just more of it. Which I support (except for the needlessly antagonistic populist tone), for the same reason I support some cutting of government spending. We legitimately do have too much federal debt right now.