As a reality check, here are a few facts:
The net worth of all of America’s billionaires is roughly $2.4 trillion.
Liquidating all of their assets would:
Liquidating all of their assets would:
- Pay roughly 54% of the US budget for one year (fund Social Security and Medicare for one year), or- Pay for the budget deficit for 3-4 years (depending on spending increases), or
- Pay off 11.5% of the national debt, or
- Send a one-time cash payment of $7,362 to every person in America.
Federal income taxes are paid by the:
Top 1% - 39.48%
Top 5% - 59.97%
Top 10% - 70.88%
Top 25% - 86.78%
Top 50% - 97.25%
Bottom 50% - 2.75%
Top 5% - 59.97%
Top 10% - 70.88%
Top 25% - 86.78%
Top 50% - 97.25%
Bottom 50% - 2.75%
If you make $32,400 a year ($15.50 per hour), you are in the upper 1% of incomes in the world.
70% of American households make more than $35,000 a year.
The average tax return filed for a single filer was $35,000.
Moral of the story?
America is a rich country across the board and you can join the “democratic socialists” to eat the rich - but you better enjoy it because it will only be one meal."
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