We're not broke. We're rich.

[leftofabbie]

How hard is it to understand? American citizens and non-profits together are worth somewhere in the neighborhood of $60 trillion.

A cool $56 trillion of that is in the hands of the wealthiest 25% of the population. These are the folks our Republican friends in Congress keep protecting from tax increases. (Source: Wealth in the United States - Wikipedia, the free encyclopedia )

The population of the US is about 314 million. (Source: U.S. & World Population Clocks ). That means the wealthiest 78 1/2 million people are worth about $710 million each, on average.

The US national debt is just under $16 trillion. (Source: U.S. National Debt Clock : Real Time )

Therefore, the wealthiest 25% of us could pay off the national debt, and still be worth about $510 million each, again on average.

Wealth is even more concentrated as you approach the wealthiest Americans. The Koch brother increased their wealth by about $4.5 billion dollars in 2010. Each. That's net, after taxes. You would need to win a tax-free, $100 million lottery 45 different times last year to take home that much. (Source: Forbes: Koch Brothers Now Worth $50 Billion | ThinkProgress)

In fact, wealth is so concentrated that the top 10% own 71% of everything. (Source: US wealth distribution: 10% of US citizens own 70.9% of all US assets | Peace . Gold . Liberty | Ron Paul 2012 ).



Now, you can find numbers that differ a little here, some in one direction, some in another. Change the numbers in my post if you can find reputable alternatives.

But regardless of what tweaking might be done, it's pretty clear that America has plenty of wealth to meet our debts. What we may lack is the political will to do it any way except on the backs of everyday working Americans. Time will tell.

But we should all be working together to make sure those who can most afford it pay their fair share. After all, it's their assets our military, police and fire departments protect. It's their products that are shipping on the roads we pay for. It's their employees who were trained in our schools. They need to pay their fair share.

 

[Thunder]

who you callin' "we"?

 

[cpwill]

How hard is it to understand? American citizens and non-profits together are worth somewhere in the neighborhood of $60 trillion.

that's awesome. Too bad our unfunded liabilities are somewhere north of $100 Trillion .

 

[leftofabbie]

that's awesome. Too bad our unfunded liabilities are somewhere north of $100 Trillion .

Is that your opinion, or do you have some source for this "statistic".

 

[cpwill]

Is that your opinion, or do you have some source for this "statistic".

The unfunded liability for just the Federal Government ALONE sucks up every one of those $60 Trillion worth of stuff we have

Assuming, of course, that we could sell it all, and at current market prices. Which would be, of course, impossible.


Oh, and guess what happens as we start moving forward?

 

[X Factor]

I like that the conclusion of the OP is not that we should all work together to pay our fair share, but rather we all need to work together to make sure someone else does. LOL

 

[leftofabbie]

The unfunded liability for just the Federal Government ALONE sucks up every one of those $60 Trillion worth of stuff we have

Assuming, of course, that we could sell it all, and at current market prices. Which would be, of course, impossible.


Oh, and guess what happens as we start moving forward?

I see, you're conflating debt with future obligations. I'm talking about the national debt. Perhaps you should start another thread.

 

[leftofabbie]

I like that the conclusion of the OP is not that we should all work together to pay our fair share, but rather we all need to work together to make sure someone else does. LOL

Everyone should pay their fair share, as I stated. Perhaps you might consider a reading comprehension course.

 

[Arbo]

The population of the US is about 314 million. (Source: U.S. & World Population Clocks ). That means the wealthiest 78 1/2 million people are worth about $710 million each, on average.

You have committed an error. See, some of those people at the top are Bill Gates types, but the vast majority of 'top' are worth nowhere near that.

Therefore, the wealthiest 25% of us could pay off the national debt,

Since when did it become the responsibility of the most wealthy to pay off the debt our elected officials have accumulated due to reckless spending, and waste?

But we should all be working together to make sure those who can most afford it pay their fair share.

And we get to it yet again. Please define 'fair share'. Looking for %ages or some hard numbers, rather than the constantly repeated 'fair share' talking point.

Is that your opinion, or do you have some source for this "statistic".

America's Fiscal Crisis. $60 Trillion Unfunded Liabilities. Net Present Value of Federal Debt & Promises that's just one of many. It says over 60 trillion in unfunded liabilities.

 

[Keridan]

Breaking news... "New tax law confiscates wealth from top 10% who already pay 71% of FIT".

Ten minutes pass ...

Breaking news ... "10 percent of American population leaves the country in under 24 hours"

 

[cpwill]

I see, you're conflating debt with future obligations. I'm talking about the national debt. Perhaps you should start another thread.

:doh

paying off the debt this year would be pointless if we just ended up on the verge of collapse again ten years from now, but now with a wrecked economy because someone confused liquid with non-liquid wealth.

For example, take the Walton Brothers. How are they going to raise the money in your little scheme? They are going to sell their Wal-Mart stock. to who?


There literally is not enough cash in the world, even if 100% of it was available, to pull off this idiotic idea.

 

[leftofabbie]

:doh

paying off the debt this year would be pointless[/url].

I agree. I did not suggest any such thing.

 

[cpwill]

You seem to be suggesting massive confiscation. It's been tried before.... a lot. Typically it results in large-scale starvation.

 

[beerftw]

if only people knew paying off the debt would require budget cuts and increasing gdp,no tax hikes alone would ever come close to paying it:shock:

 

[leftofabbie]

You seem to be suggesting massive confiscation. It's been tried before.... a lot. Typically it results in large-scale starvation.

Not at all. Just a much more progressive tax system than we have now. Why should Mitt Romney pay a lower tax rate than you do?

 

[tessaesque]

Out of curiosity, what affect would it have on the dollar and the world economy if we just dropped $17 trillion on the debt/certificates held by other countries?

 

[Keridan]

Not at all. Just a much more progressive tax system than we have now. Why should Mitt Romney pay a lower tax rate than you do?

Romney pays a higher FIT than 97% of the country. This has been established repeatedly.

 

[tessaesque]

Not at all. Just a much more progressive tax system than we have now. Why should Mitt Romney pay a lower tax rate than you do?

FWIW, I pay a lower effective rate than Romney, I make less than 40k a year, and I can afford a higher tax obligation.

But by all means, lets make villains out of everybody but "us".

 

[cpwill]

Not at all. Just a much more progressive tax system than we have now.

The United States has the Most Progressive Tax Structure In the Industrialized World

Why should Mitt Romney pay a lower tax rate than you do?

He doesn't.

 

[beerftw]

Out of curiosity, what affect would it have on the dollar and the world economy if we just dropped $17 trillion on the debt/certificates held by other countries?

it would probably cause the dollar to drop close to 30% plus we would not ever again be able to borrow money.

so we would have to keep printing money,causing us to be like japan,where it will cost 1000 dollars for a tshirt due to inflation:shock:

 

[cpwill]

FWIW, I pay a lower effective rate than Romney, I make less than 40k a year, and I can afford a higher tax obligation.

You shut up and know your place! You are a victim, here!!!

 

[tessaesque]

You shut up and know your place! You are a victim, here!!!

Funny, I feel more victimized by those who would attempt to speak for me in this class warfare nonsense than I do by the rich or the tax structure or the national debt or government spending.

 

[leftofabbie]

Romney pays a higher FIT than 97% of the country. This has been established repeatedly.

"Romney has estimated he will pay a 15.4 percent tax rate on income of $20.9 million." Source: Obama likely paid higher tax rate than Romney in 2011 | Reuters


My son earns $25K a year and pays a higher rate.

 

[johnny_rebson]

How hard is it to understand? American citizens and non-profits together are worth somewhere in the neighborhood of $60 trillion.

A cool $56 trillion of that is in the hands of the wealthiest 25% of the population. These are the folks our Republican friends in Congress keep protecting from tax increases. (Source: Wealth in the United States - Wikipedia, the free encyclopedia )

The population of the US is about 314 million. (Source: U.S. & World Population Clocks ). That means the wealthiest 78 1/2 million people are worth about $710 million each, on average.

The US national debt is just under $16 trillion. (Source: U.S. National Debt Clock : Real Time )

Therefore, the wealthiest 25% of us could pay off the national debt, and still be worth about $510 million each, again on average.

Wealth is even more concentrated as you approach the wealthiest Americans. The Koch brother increased their wealth by about $4.5 billion dollars in 2010. Each. That's net, after taxes. You would need to win a tax-free, $100 million lottery 45 different times last year to take home that much. (Source: Forbes: Koch Brothers Now Worth $50 Billion | ThinkProgress)

In fact, wealth is so concentrated that the top 10% own 71% of everything. (Source: US wealth distribution: 10% of US citizens own 70.9% of all US assets | Peace . Gold . Liberty | Ron Paul 2012 ).



Now, you can find numbers that differ a little here, some in one direction, some in another. Change the numbers in my post if you can find reputable alternatives.

But regardless of what tweaking might be done, it's pretty clear that America has plenty of wealth to meet our debts. What we may lack is the political will to do it any way except on the backs of everyday working Americans. Time will tell.

But we should all be working together to make sure those who can most afford it pay their fair share. After all, it's their assets our military, police and fire departments protect. It's their products that are shipping on the roads we pay for. It's their employees who were trained in our schools. They need to pay their fair share.

You liberals still don't get it.

We want to encourage more people to be successful. Therefore we should reward success. We should reward the successful by lowering their tax rate.

On the other side, we want to discourage people from becoming failures. Therefore we should have a "Punishment Tax" on those making minimum wage.

 

[tessaesque]

"Romney has estimated he will pay a 15.4 percent tax rate on income of $20.9 million." Source: Obama likely paid higher tax rate than Romney in 2011 | Reuters


My son earns $25K a year and pays a higher rate.

How is that, exactly? Are you including state/local taxes?