If Kamala Harass could confiscate all of their wealth, she could pay off the national debt and it could be a sanctuary/fantasy island. /s
NOT EVEN CLOSE. You are spreading typical CLASS WARFARE Dem talking points.
Stop spreading lies like this. A thousand Billion is one Trillion. We are spending 2 1/2 Trillion more in one year than we take in taxes.
Even if the government confiscated the wealth of the top 100 billionaires it would not even cover the spending difference of 2.5 TRILLION for one year. Much less the 36 Trillion we are in the whole.
You are wrong - confiscation the wealth of the top 1000 billionaires would only be 1 trillion dollars. You would need 37,000 billionaires (not that many in USA) to address the (acknowledged national debt - not including the unpaid liabilities like pensions). Can’t be done on the wealth of the rich. BUT -— what if we had a flat consumption tax of 5%. Everyone buys stuff - rich or poor, criminal or citizen. We could easily manage the debt and pay for stuff we need.
For the average person, a 5% add on to local and state taxes would mean you are taxed (in my case in Texas) 13.9% of every dollar spent (8.9 cents state and local tax for a metro city plus the 5 cents federal.) Of course, much higher in liberal spendy urban areas like NYC. If I spent my entire annual salary of 160K I’d pay $8,000 per year in state, local, fed taxes - much lower than the $32K (with many deductions) I pay now.
Instead of putting the tax burden on the middle class - everyone pays the same when they spend. Rich pay more cause they spend more, poor pay less, but now pay something, and the middle class gets the biggest tax break in history.
Nope.
Confiscating all billionaires will not do too much.
Maybe balance the budget for a year.