![]() PolitiFact, "Ryan says a 100 percent tax on millionaires would only fund government for four months," Oct. 1, 2021īloomberg, "Bloomberg Billionaires Index," Oct. Government Fiscal Year 2022," (Table S–1) accessed Nov. 1, 2021įorbes, "Forbes’ 35th Annual World’s Billionaires List: Facts And Figures 2021," April 6, 2021Įmail, Antony Davies, economics professor at Duquesne University in Pittsburgh and fellow at Foundation for Economic Education, Nov. 15, 2019įorbes, "Forbes World's Billionaires List - The Richest in 2021," accessed Nov. 22, 2021Ĭheck Your Fact, "Fact Check: Would The Wealth Of Every Billionaire In America Keep The Government Running For Less Than 8 Months?", Feb. ![]() Young on Budget Results for Fiscal Year 2021," Oct. Yellen and Acting Director of the Office of Management and Budget Shalanda D. Treasury Department, "Joint Statement by Secretary of the Treasury Janet L. 18, 2021Īlex Muresianu, federal policy analyst at the Tax Foundation, Nov. Billionaires are Now $2.1 Trillion Richer Than Before the Pandemic," Oct. 1, 2021Įmail, Kim McIntyre, spokesperson for the Committee for a Responsible Federal Budget, Nov. 1, 2019ĭata Lab, "In 2021, the government spent $6.82 trillion," accessed Nov. Billionaires would have to liquidate their stocks, bonds, land and other assets in order to pay the tax and if they did so, it would drive down stock and bond prices and the prices of buildings and land, and in turn, generate less than $5 trillion, "possibly a lot less."Īlex Muresianu, a federal policy analyst at the Tax Foundation, said the claim is "a useful illustration of the problems with comparing what would be a one-time revenue increase for the government as a way to pay for expenses that recur every year." 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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