Saturday, April 30, 2011

Tax The Rich

Let them pay off the debt.

That's what we hear everywhere.

OK, how much money do they have? According to Forbes , the top 1,210 Billionaires in 2011 have a combined wealth of $4.5 trillion.

How much is the national debt? Over $14.3 trillion. We could confiscate every penny they have, apply it to the national debt, and not be able to pay off a third of it.

But, there's even a larger problem than that: The richest man in the world, Carlos Slim HelĂș ($74 billion) is a Mexican National. In fact, of the top ten richest, only four are Americans. Try to tax those foreign billionaires to pay off the American debt. Good luck with that.

Most of the rich in the world are not Americans. So who to tax? And how much? Take 100% of Bill Gates money? It's just a very small drop in a very large bucket.

We could tax every American citizen 100% of their income for an entire year ($12.53 trillion) and still not be able to pay off the national debt.

Our real problem is not who to tax, or how much, it's the insane spending Washington does.

What we must do is stop the lunatic spenders in Washington... By whatever means necessary.

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