Lots of people seem to believe that taxing the rich more than they currently do to support the poor will solve all of America’s problems, writes Joel Bowman in an article published on Internationalman.com.
Democratic senator and 2020 presidential hopeful Elizabeth Warren wants to introduce an unconstitutional wealth tax on the “tippy top” of American citizens. Newly elected Democratic congresswoman Alexandria Ocasio-Cortez wants to levy a top marginal tax rate of 70% on the nation’s high earners to help pay for new government programs. Economics Peter Diamond and Emmanuel Saez believe the rate should be even higher at 73%.
And a new survey conducted by the Organization for Economic Co-operation and Development (OECD) shows that apparently a “strong majority” of people living in wealthy countries would like to “tax the rich more to support the poor.” It’s important to keep in mind that the OECD report doesn’t provide a definition of “rich” and also shows that the highest support for such action was in Portugal and Greece — two countries that are both coming out of years of economic crisis.
But what if we did actually go ahead with all of these ideas to “drown” billionaires, as Bowman puts it, to support the poor?
Well, according to Forbes, there are 540 billionaires in the United States with a combined net worth of $2.4 trillion.
“Let’s say we confiscate ALL their wealth. Raze their properties … liquidate their bank accounts … storm their corporate board rooms … shut down their commercial interests, at home and abroad,” Bowman writes.
America would then have $2.4 trillion to spend on “wealth gaps,” “welfare” and “New Deals.”
However, if we stuck with current spending trajectories, that stolen loot of $2.4 trillion would be gone in six months. That’s right, six months.
And then, with the wealth of the billionaire class completely depleted, where would our country turn to solve its problems then?
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