Wealth of the Top 1% in US Hits All-Time High of $45 Trillion
Wealth of the Top 1% in US Hits All-Time High of $45 Trillion
"With a 2-cent Ultra-Millionaire Tax on every dollar of wealth above $50 million—and another penny on every dollar above $1 billion—we can invest in opportunity for all of our kids," notes Sen. Elizabeth Warren.
We couldn’t have done it without you. Now get back to work.This is totally unrealistic. The people in charge never give any credit to the people at the bottom.
So if taxed the rich, we could probably fund the government? Considering the federal budget is a few trillion short, this seems like a no brainer.
Oh wait, I forgot we allowed the rich to pass a bunch of tax cuts to prove that various social programs ran by the federal government are too expensive and should therefore be completely defunded and removed.
I mean who needs a pension or healthcare so long as you continue to work until you are 75? /s
Eat the rich. Fund the government.
A lot of this will be in stocks though, not money in the bank. So how would that work? They have to sell 2-3% of their stocks every year to pay this tax?
They don't have to sell them. The SEC can just give them to the IRS. IRS liquidators take the shares and sell them slowly, comprising no more than 1% of total traded volume.