[bhouston]

Your statement is ignoring the systematic growing inequality in the US between the ultra wealthy and everyone else. And the use of those funds to influence politics (because of Citizens United, etc) to create polices that benefit themselves - it is for the ultra wealthy a virtuous circle:

https://inequality.org/facts/wealth-inequality/

This is not a normal state of affairs.

[kadabra9]

This tax would do effectively nothing to address growing inequality between billionaires and everyone else.

[mjamesaustin]

I see, so you're suggesting 5% is not enough? I'm listening...

[kadabra9]

You could confiscate 100% of the wealth of every billionaire in this country and it wouldn’t fund the government for an entire year. It is and always will be a government spending issue, the government can’t help itself but to just steal more from the taxpayers to support their bloat.

[airstrike]

You are conflating the tax revenue from a wealth tax with "funding the government for a year" which is precisely a balance vs cash flow mistake like you rightfully pointed out to someone else in the thread.

So given the government will still collect taxes for every foreseeable year, I ask you, what impact would it have if we used it not to fund the government but to pay down some of the debt?

[kadabra9]

The US debt is nearly 39 trillion dollars.

Confiscating all of the assets of the nation’s billionaires wealth would yield 6-8T, depending on what kind creative accounting is done in anticipation of a wealth tax.

So yeah it would help reduce the debt slightly but doesn’t address the bigger culprit - spending and government inefficiency and bloat

[johnnyanmac]

>You could confiscate 100% of the wealth of every billionaire in this country and it wouldn’t fund the government for an entire year.

1. I see that being 14 trillion. That would in fact fund the government for a year. even for 2 years.

2. taxes aren't about achieving perfect equality. But it's in part to incentivize people to not hoard wealth and spend it in the company. Few of the busnesses in the 50's/60's paid close to the tax brackets they had back then (Which would give modern billionaires a heart attack, despite that being "the times to return to).

[kadabra9]

Except is not 14 trillion (in the US) It is closer to 8 trillion.

Even if it WAS 14 trillion, the fact that such an insane measure wouldn’t even fully fund the entire government for two years shows you can’t just confiscate your way out of things. It is spending.

[johnnyanmac]

Okay. Can you engage with the real point instead of the Wikipedia figure I googled in 5 seconds?

[shimman]

I do agree it is a spending issue, for far too long corporate welfare has flourished in America. None of these rich people would exist with out the federal teat they suckle from, truly pathetic. Remove their bloat, take their money, and fund programs that will enable REAL economic value like medicare for all, universal childcare, free school lunches, public jobs programs, and universal education.

[kadabra9]

And where will we get the money to fund this fantasy land in 8 months after the government runs out of money and we’ve already stolen all the billionaires assets?

Should we move on to anyone with a net worth over $1M and start stealing their assets too?

[tw04]

What do you think happens to the money when it gets distributed to low income people?

They spend it, it gets injected back into the economy and the economy grows. It doesn’t sit in a hidden bank account to avoid paying taxes on it.

[shimman]

Probably the same way that the republicans are able to generate funds out of thin air to pay for tax cuts. If MMT is good enough for them, it's good enough for everything else.

[trymas]

> And where will we get the money to fund this fantasy land ...

What are you talking about? Current administration is doing exactly that. Cutting taxes for the wealthy and adding all those loses to national debt at record level increments. No fiscal responsibility at all.

Total fantasy and essentially poor and middle-class funds the rich through their taxes (and government money printer), not to mention how mega companies like Walmart constantly underpays workers that those workers then need to survive on government subsidies, yet another funding for the rich.

This is happening with every USA government (AFAIK especially/only republican ones) since Reagan.

EDIT: also as sibling comment said - poor people spend money instantly, returning it back to economy. America was already taxing wealthy through the teeth years ago - that helped fund incredible amounts of infrastructure and let built strongest middle class (probably in history) for decades. Now all that wealth is just accumulating in someones back accounts. Trickling any day now...