fat cat.

instead of cuts to schools and other social programs -- i propose taxing the rich.

by Paul David Lujan on Tuesday, March 22, 2011 at 5:29pm

taxing billionaires...

doing a little research -- as of march 2010, there are roughly 400 billionaires living in the unites states.

if they were to have their taxes raised 5% , and only on their 1st billion dollars worth of assets, it would create an additional 20 billion dollars to state and federal governments.

400 (billionaires) x 1,000,000,000 (first billion) = 400,000,000,000 ($$$)

400,000,000,000 ($$$) x 0.05 (5%) (tax hike) = 20,000,000,000 ($$$ towards deficit)

taxing millionaires....

there are roughly 2,800,000 millionaires living in the united states.

lets assume that 10% are really rich, but not billionaires, but like at least $50 million in net assets.

2,800,000 (millionaires) x .10 (10%) = 280,000 (the "over $50 milly in da bank!" club)

if we raised the taxes on just their first $5 million in net worth, we would have...

280,800 x 5,000,000 (first $5 million of worth) = 1,400,000,000,000 ($$$)

and lets go low and do something like a 3% tax hike for them...

1,400,000,000,000 ($$$) x 0.03 (3%) (tax hike) = 42,000,000,000 ($$$ towards deficit)

or if we got 5%....

1,400,000,000,000 ($$$) x 0.05 (5%) (tax hike) = 70,000,000,000 ($$$ towards deficit)

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