> Like, implement a 5% tax on their wealth, and just fix all the problems.
My understanding is that's nowhere near enough.
The USA deficit is $1.8 Trillion a year with $30T total. The net worth of all USA billionaires is around $4.5T. So 5% would reduce the deficit by 10% until the billionaires wise up and move their wealth out of the country.
Even confiscating it all in a one-off pile reduces the national debt by about 15%.
My understanding is that's nowhere near enough.
The USA deficit is $1.8 Trillion a year with $30T total. The net worth of all USA billionaires is around $4.5T. So 5% would reduce the deficit by 10% until the billionaires wise up and move their wealth out of the country.
Even confiscating it all in a one-off pile reduces the national debt by about 15%.