No, your assumption is false. Even if all those paper valuations, etc., were real money you could use to pay for school lunches today, a 100% tax on the total wealth of U.S. billionaires wouldn’t even fund the federal and state governments for a year.
Total US wealth is ~170T so obviously it will be enough to cover federal and state government for a year (and more like 20 years).
Even considering obvious issue of wealth going down like crazy in such hypothetical scenario in its ends this would be enough. Because in the end it’s all part of same economy.
rayiner|23 days ago
boroboro4|23 days ago
Even considering obvious issue of wealth going down like crazy in such hypothetical scenario in its ends this would be enough. Because in the end it’s all part of same economy.