The United States has already borrowed $27 trillion. In addition, the US has also promised to pay out $155 trillion to people, also known as unfunded liability. The Democrats, if handed the reins of power, want to spend even more: free college, free healthcare, free rent.
Where will all of this come from? The government takes in $3.3 trillion a year in taxes from all sources.
If we confiscated the entire fortune of the top 25 richest Americans, the Government would have $1.4 trillion. If applied to the US debt, we could bring the debt back to where it was on May 28, 2020, or 142 days ago. Now what?
There are only 800 US billionaires. If we confiscate the additional $2 trillion in their net worth, we could cut the debt back to where it was April 1, 2020.
There are 71,000 people with a net worth of $50 million or more. There are 1.3 million people in the US with a net worth of $10 million or more. There are 7.6 million people with a net worth of $2 million or more. There are only 18.6 million people in the US with a net worth of over $1 million.
So when they tell you that the top 1% of the richest own blah, blah, blah- remember that the top 1% of Americans includes people worth about $3 million or more. That doesn’t make them the uber rich jetset. Most of the richest 1% are people like lawyers, doctors, real estate workers, and stock brokers.
The article that I found many of these stats on says that 76% of US millionaires is Caucasian, as if it indicated some kind of nefarious, systemic racism. If you think that, you are not good at math. You see, 75% of the US population is Caucasian, making a US millionaire as likely to be one race as another, when adjusted per capita. (There goes the systemic racism trope.)
If you confiscate all of the wealth of the top 1%, you would pay the national debt down to where it was about a year ago. To do so would require cutting the heart out of the US economy. There would be no more doctors, no more investment professionals, no more business owners. Then what? We don’t have a problem with unfair distribution in this country. We have a problem with out of control spending.