If we were to take ALL of the money every single rich person has in the US, even money they don’t have but would have to sell stocks to get, we wouldn’t reach $950 billion, yet, Obama and the Congress spend trillions each year. Trillions. Rich people only have billions. So, just how is this BS story of taxing the rich make any sense to anyone but an ignorant liberal??? This is COMMUNISM being played out here.
“... we wouldn’t reach $950 billion ...”
I’m not sure where people got this number, but it is flat wrong. The top 1% of income tax filers earn 20% of all personal income in the US. Total personal income is $12.5T, and 20% of that is $2.5T per year. After adjustments, their AGI is $2T. That is just their annual income, not “all their money” which is probably 10x that amount as the income represents only a return on the principal amount invested.
http://blog.turbotax.intuit.com/tax-tips/how-is-americas-income-tax-burden-weighted/03032010-2488
[These numbers can be examined in even more depth. The 1,410,710 people who comprise the top 1% of income earners, for instance, earned $2.008 trillion – of which $450.9 billion went to federal income taxes. Overall, the Tax Foundation shows in this graph, the top 1% now pays more total income tax than the bottom 95%. The top 10% as a whole earned $4.228 trillion – of which $794.4 billion went to taxes. Of the $1.116 trillion of total income taxes collected, the top 10% paid nearly half. This data, updated in 2009, was calculated using income tax returns from 2007 and is the newest data available at time of writing.]
You could dig out the same numbers from irs.gov tax stats.
So it is not true that seizing all their money would not solve the deficit, or even the national debt. It would just be horribly counter-productive to seize all investments and wipe out the creators of wealth. Especially considering that if a minimum 10% federal income tax rate was enacted, nobody would need to pay more than that. So the Progressives want to destroy the wealthy rather than have everybody else pay a measly 10% of their income in federal income taxes.