As of 2016, the wealthiest 1% of American households owned about $27tn in total, an average of about $23m per household.
A tax that took about 1% of that wealth each year would yield about $4tn over the next decade. To put that amount in perspective, $4tn is more than the federal government will spend over the next decade on foster care, school lunch, school breakfast, the Children’s Health Insurance Program, food stamps, unemployment compensation, supplemental security income for the elderly, blind people and those with disabilities, and all the tax credits for working families
combined.
If the richest 1% of American households paid at the same rates they did in the 40s and 50s, the change could be transformative. “Every billionaire is a
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