"" Its a simple asset tax. Sum up the market value of all your assets, then tax the amount over $1B at a rate of 25%. We already have asset taxes on property, this just extends it."" Good morning thanks for your reply. "" Key Facts:
On April 9, 2023, Robert Reich tweeted that "728 billionaires now hold more wealth than half of American households." A representative of Reich cited Inequality.org, Forbes, and the Federal Reserve as the sources of his data.
Similarly, Snopes found that as of the fourth quarter of 2022, 735 billionaires collectively held more wealth (with a total of $4.5 trillion) than the bottom 50% of American households (with a total of $4.1 trillion). (Sources: St. Louis Federal Reserve Bank and Forbes.)
Snopes also found that the wealth owned by the top 1% of Americans, as of the fourth quarter of 2022, totaled $43.45 trillion, as compared to $4.16 trillion owned by the bottom 50% of Americans during the same period. (Source: Federal Reserve.)"" So, financial geniuses advising Biden are suggesting that super rich Americans SELL 4 TRILLION dollar's worth of assets and pay 25 % of the proceeds in tax. Any idea WHO can buy 4 TRILLION in assets over say ten years without disrupting markets? Thank you.