The wealth distribution in the US has gotten out of control. Eighty percent of Americans have just 7% of its wealth. The top 1% have 43%. Excessive government spending and tax cuts over the past 30 years have increased the debt and enriched the wealthy far more than most Americans. It is time for the wealthy to return a small percentage of their fortunes to reduce the debt or at least balance the budget.
The top 5% of wealthy Americans hold almost three fourths of the wealth in America. Our national debt is a pressing problem but one that this privileged group can pay off with a simple tax on their wealth. The 80% of Americans simply do not have the wealth necessary to pay off the debt and if it continues to grow it will consume the federal budget.
The cutoff for the top 1 percent of American households, in terms of net worth, is more than $9 million based on the Federal Reserve Board’s Survey of Consumer Finances which put the figure at $8.2 million in 2007. One percent of 300 million Americans is 3 million who are in the top 1% with more than 9 million each (in most cases, much more). Therefore, a 10% surtax on the wealth of the 1% wealthiest Americans, with an average at least 30 million, for each of these 3 million people is about 9 million million, $9,000,000, 000,000 or 9 trillion. Make that a 2% tax per year and we can pay off the national debt. I propose a 2% surtax on the wealth of the 1% wealthiest Americans each year for 10 years. That will pay off the national debt.