That there are quite a few multi billionaires in the USA and that if the government took some percentage (don't remember the number) of that wealth and returned it to the treasury, the USA would have solved the debt problem.
I know most of the multi billionaires would complain. . . but. . . do they really need that much money?
Two problems:1) Your implicit assumption is wrong.
You are assuming that the generated gross income of the hyper wealthy will stay constant as the tax rate goes up. This is on face value false. For detail on this, see The Laffer Curve2) This is discriminatory, and thus un-American.
My friend Mr. Jefferson had a few things to say about such thinking.
- A wise and frugal government, which shall leave men free to regulate their own pursuits of industry and improvement, and shall not take from the mouth of labor the bread it has earned - this is the sum of good government.
- All, too, will bear in mind this sacred principle, that though the will of the majority is in all cases to prevail, that will to be rightful must be reasonable; that the minority possess their equal rights, which equal law must protect, and to violate would be oppression.
and, what do they do with those billions that contribute towards helping the economy.
Their income doesn't come via spontaneous generation, does it? The time-tested method for generating wealth is via the time value of money. In other words, you invest for long periods of time, and allow your gains to compound on the gains. This means that the wealthy get that way by making their wealth available to private industry. And these industries in turn use that wealth to make products (which can be sold and generate taxes) and to pay salaries (which are taxed).
I'm sure most don't pay a great deal of taxes either, since they have the money to buy the tax breaks necessary to keep multiplying the billions without putting very much into the economy.
First... The wealthy both pay the vast majority of total taxes AND are taxed at the highest rates.
Second... The tax breaks they do get from itemization and other tax shelters essentially allow them to control where their donations to "the cause" will go. And given they pay the most taxes, that seems fair enough.
ANY money churning through the economy gives Uncle Sam an opportunity to dip into the revenue flow at multiple points.
Interestingly enough, Bill Gates is for this plan.
Good news for Mr. Gates - The US Treasury accepts all unsolicited donations.