Thursday, April 14, 2011

Walter Williams has an interesting article illustrating how much money our government truly spends. In it he outlines some revenue enhancement strategies aimed at the "rich," how much each would yield, and how long it would support current government spending (about $10 billion a day).

  • 100% tax on all income exceeding $250,000: $1.4 trillion, 141 days.
  • 100% tax on all corporate profits: $400 billion, 40 days.
  • 100% confiscation of all assets owned by billionaires: $1.3 trillion, 131 days.

    So even 100% tax rates and outright asset confiscation won't fund a full 365 days of government spending. And even if it did, where would the government get its money the next year?

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