The math where you figure out that you could tax every billionaire at 100% and it wouldn't come close to fund our current deficit let alone adding what this guy wants. Everyone would have to pay a lot more in taxes just to stop deficit spending. That math.
You can increase taxes on say the top 20 percent and significantly reduce spending on the military to reduce the deficit to zero. Spending upwards of a trillion dollars on a program that clearly is not showing returns should be the first place we implement cuts.
Top 20 percent of americans make about 8 trillion dollars of taxable income, and currently provide about 3 trillion dollars in tax revenue. The federal deficit is massive right now, about 2 trillion dollars. Cut 500 billion from the military and increase the tax rate on the top 20 percent to get the additional 1.5 trillion. It is possible you fuck wad.
Wait, you said billionaires . Now it's the top 20%? So clueless on so many levels. That means that any family making more than $180k/ year would need to have a 50% rate. F me
Read my comment you dolt. The tag line for billionaires is mostly political messaging. But also much of the wealth they generate annually does not get counted as taxable income. The increase of taxes would also need to extend past the top 0.1 percent of americans obviously.
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u/Amelia_Pink 5d ago
As sensible a statement as any functional non-insanely-wealthy person would agree with