US Debt Could Eat US Billionaires Seven Times Over

[DBTrek]

A bit of a side note to the "wealth inequality" discussion - something to consider if you believe the government whould be in the business of managing billionaires.

According to the far left site, CommonDreams.org - America's billionaires are worth a combined $4 trillion dollars. Being a far left, class-warfare-promoting, capitalism-hating website, their numbers are probably grossly inflated. But for the sake of argument, let's just go with it, and suppose that America's billionaires have $4trillion in combined assets.

The national debt is $28.5 trillion.

That means you could liquidate every billionaire in the country and only knock or government debt down to $24.5 trillion. Every Bezos, every Gates, every Zuckerberg, every Walton, every hated and despised billionaire in the nation could be reduced to penniless paupers, and the US debt would still be unimaginable. In fact, you would have to liquidate ALL of our billionaires more than seven times before you could get the US debt paid off.

But the real problem is rich people can leave wealth to their children?
And the solution is that government should get involved and distribute that money more fairly?

Imma have to go with 'no' on all that.
¯\_(ツ)_/¯

[C-Mag]

But the real problem is rich people can leave wealth to their children?
And the solution is that government should get involved and distribute that money more fairly?

Imma have to go with 'no' on all that.
¯\_(ツ)_/¯

No doubt. A boomer dying and leaving a paid off $300K house he bought for $50k to his 50 year old kids to divide amongst themselves is a real problem.

[TheOneX]

Yeah, I think we need to add an amendment to the Constitution stating no government under the Constitution can take on more debt than 25% of the previous year's revenue.

[Martin Hash]

No doubt. A boomer dying and leaving a paid off $300K house he bought for $50k to his 50 year old kids to divide amongst themselves is a real problem.

The exemption is $11.7 million. If an heir can't do something meritorious with that, fuck 'em.

[C-Mag]

Yeah, I think we need to add an amendment to the Constitution stating no government under the Constitution can take on more debt than 25% of the previous year's revenue.

IMO, the major isssue is the length and breadth of the tax code that allows many not to pay taxes, which results in tax payers having to pay more. Free Loaders in the top 1% don't pay taxes, and Free Loaders in the bottome 20% don't pay taxes, leaves all us working stiffs in the middle footing the bill.

[Martin Hash]

Yeah, I think we need to add an amendment to the Constitution stating no government under the Constitution can take on more debt than 25% of the previous year's revenue.

IMO, the major isssue is the length and breadth of the tax code that allows many not to pay taxes, which results in tax payers having to pay more. Free Loaders in the top 1% don't pay taxes, and Free Loaders in the bottome 20% don't pay taxes, leaves all us working stiffs in the middle footing the bill.

The only tax "loophole" is low Capital Gains taxes because imaginary money rich people make producing nothing is mystical.

p.s. Less than half pay income taxes.

[Martin Hash]

My position is that 90% of the population shouldn't pay taxes.

Taxes are to prevent aristocracy and encourage jobs (work ethic).

[TheOneX]

Yeah, I think we need to add an amendment to the Constitution stating no government under the Constitution can take on more debt than 25% of the previous year's revenue.

IMO, the major isssue is the length and breadth of the tax code that allows many not to pay taxes, which results in tax payers having to pay more. Free Loaders in the top 1% don't pay taxes, and Free Loaders in the bottome 20% don't pay taxes, leaves all us working stiffs in the middle footing the bill.

The only tax "loophole" is low Capital Gains taxes because imaginary money rich people make producing nothing is mystical.

p.s. Less than half pay income taxes.

The loophole in the tax code is that the amount of effort or money to really take advantage of the tax code to the same degree as millionaires and billionaires is too high for the typical middle-class person to take advantage of.

[Martin Hash]

IMO, the major isssue is the length and breadth of the tax code that allows many not to pay taxes, which results in tax payers having to pay more. Free Loaders in the top 1% don't pay taxes, and Free Loaders in the bottome 20% don't pay taxes, leaves all us working stiffs in the middle footing the bill.

The only tax "loophole" is low Capital Gains taxes because imaginary money rich people make producing nothing is mystical.

p.s. Less than half pay income taxes.

The loophole in the tax code is that the amount of effort or money to really take advantage of the tax code to the same degree as millionaires and billionaires is too high for the typical middle-class person to take advantage of.

Speaking as a CPA: Middle Class people mostly get all the "loopholes" they're entitled to, tax software steps them through it, and an accountant only costs a few hundred dollars if that's not enough. No, Capital Gains is the big one. (Depletion and hedge funds exemptions are the most egregious but too specialized).

[Hanarchy Montanarchy]

Low capital gains tax is the easiest 'loophole' in the world for any working schlub to take advantage of. Not only is it easy to take advantage of, but why would any sane person want capital gains taxes to be higher?