Even if you were to liquidate every billionaire in America, at a 100% tax rate above $1 billion, and were able to sell the shares at current stock prices without a collapse, you would pay for the government deficit for... 3 years. Because their combined wealth, on paper, is $7T while we're running over $2T shortfalls every year.
3 years of not taking out debt, while still needing everyone else to pay current rates. Then you're back to square one. Sans billionaires and sans any major capital investment anywhere.
alt Hacker News
Even if you were to liquidate every billionaire in America, at a 100% tax rate above $1 billion, and were able to sell the shares at current stock prices without a collapse, you would pay for the government deficit for... 3 years. Because their combined wealth, on paper, is $7T while we're running over $2T shortfalls every year.
3 years of not taking out debt, while still needing everyone else to pay current rates. Then you're back to square one. Sans billionaires and sans any major capital investment anywhere.