Based on the Forbes report released in March 2011, the United States has 413 billionaires with a total net worth of $1,500 billion.
If you liquated and confiscated every single dollor from every one of the 413 billionaires in America you would get $1.5 trillion dollars. That’s not taxing them – that’s totally confiscating ALL their wealth.
Now Compare that amount to America’s $14.3 trillion dollar debt and you see how ridiculous the argument is that “If only we tax the ‘Rich’ more our debt problems would improve greatly”.
While more tax dollars would fractionally help, the real problem is spending trillions more than we take in through revenue from taxes. So since we can't tax our way to revenue & spending parity, I guess we'll have to rein in spending.
Remember the big deal that the Democrats & Republicans made about saving $38 Billion in budget cuts. These politicans are not serious in controlling spending. Standard & Poor's just recently downgraded the outlook for the United States to negative.
Can you spend 14 times you income in your household without going bankrupt ?
Forget about the Future burden on our kids and grandchildren. At the current rate of spending WE are going to experience the financial collapse in America from this debt, not our kids – just kiss your money goodbye.
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