Primarily, no one is suggesting a 100% tax.īut Chuck Collins, director of the Program on Inequality and the Common Good at the Institute for Policy Studies, said billionaires have seen their effective tax rates go down compared to the average taxpayer, "so surely billionaires can pay more."ĭavies, the author of the original post, told PolitiFact that even if there were an effort to confiscate all of the billionaires’ wealth, it would actually net less than eight months’ worth of revenue because very little of the wealth is in cash. 30, according to the Treasury Department. That’s a 70% collective increase in fortune since the start of the COVID-19 outbreak on March 18, 2020, according to the institute.Īs for the federal government, it spent $6.82 trillion in fiscal 2021, which ended Sept. billionaires, together worth slightly more than $5 trillion. More recently, the Institute for Policy Studies estimated that as of Oct. billionaires as of March 5, the most in any one nation, worth a total of $4.4 trillion. With its 2021 list of world billionaires, Forbes estimated there were 724 U.S.
1, 2019, tweet by Antony Davies, an economics professor at Duquesne University in Pittsburgh and a fellow with the free-market Foundation for Economic Education.Īt the time, Check Your Fact found that the billionaires’ wealth would have covered about nine months of spending, not less than eight months.Įstimates put the total wealth of America’s billionaires at $5 trillion, while the federal government spent nearly $7 trillion in the fiscal 2021, which ended Sept.
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