What is unreasonable is assuming that taxing wealthy individuals is, on its own, enough to solve all these other social problems
Let’s just take Jeff bezos.
His net worth rose about $70b last year.
There are about 250 million adults in the US. The US poverty rate is about 12.5%, that’s about 31 million adults.
At a flat tax rate of 50%, that’s about $1100 per person in poverty per year. That’s just one billionaire.
How Many Billionaires Are in the United States? America is home to 759 billionaires. The estimated that U.S. billionaire total wealth was a combined $4.48 trillion as of November 2022, an amount that grew grown a staggering 50% since before to the pandemic.
To put in perspective, $2.25t / 3 years / 31 million adults in poverty is about $24,000 / year for each adult.
For an individual, the poverty line in the US is about $15,000.
If we focused on taxing billionaires the way we used to, we may not be able to fix everything, but we could certainly afford to bring every single person in the US out of poverty. Saying it’s not a solution is not correct.
Edit: I’m not saying that it’s simple and easy as that. I’m just saying that the math is there. If we gave people an amount of money per year based on their income, from money that is directly taken from billionaires at a high tax rate, we’d find that a lot of our social problems fix themselves.
Let’s just take Jeff bezos.
His net worth rose about $70b last year.
There are about 250 million adults in the US. The US poverty rate is about 12.5%, that’s about 31 million adults.
At a flat tax rate of 50%, that’s about $1100 per person in poverty per year. That’s just one billionaire.
To put in perspective, $2.25t / 3 years / 31 million adults in poverty is about $24,000 / year for each adult.
For an individual, the poverty line in the US is about $15,000.
If we focused on taxing billionaires the way we used to, we may not be able to fix everything, but we could certainly afford to bring every single person in the US out of poverty. Saying it’s not a solution is not correct.
Edit: I’m not saying that it’s simple and easy as that. I’m just saying that the math is there. If we gave people an amount of money per year based on their income, from money that is directly taken from billionaires at a high tax rate, we’d find that a lot of our social problems fix themselves.