A small one time wealth tax on households with over $10 million of net worth could eliminate the national debt which would save $1 Trillion a year in interest.
Someone needs to whisper this in tfg’s ear. Very logical. Wouldn’t kill anyone. Unfortunately, we would need to do this every year for 37 yrs to wipe out the deficit.
My rough math shows we could wipe out the debt in one year. The deficit would be significantly reduced due to saving the interest on the debt. With a few other tax changes the budget could be balanced.
You mean the 37T debt? I can only assume that would entail changes to the tax code; requiring everyone, even billionaires, to pay a higher amount. Right?
Someone needs to whisper this in tfg’s ear. Very logical. Wouldn’t kill anyone. Unfortunately, we would need to do this every year for 37 yrs to wipe out the deficit.
My rough math shows we could wipe out the debt in one year. The deficit would be significantly reduced due to saving the interest on the debt. With a few other tax changes the budget could be balanced.
You mean the 37T debt? I can only assume that would entail changes to the tax code; requiring everyone, even billionaires, to pay a higher amount. Right?
Not everyone. Read my Tax Fairness posts. More to come.
That seems so sane and fair, the one time wealth tax. Why do the wealthy, politicians, and so many people resist simply paying a fair share.