There’s been this funny trend where people pretend that we can’t gain anything by taxing the wealthy.
Usually, it relies on bad math. So, just to clarify, if the annual return on the wealth of the top 1% is 7% per year, that would be $3.2 trillion per year. Social Security, by far the largest anti-poverty program in the US, is forecast to cost $1.5 trillion in 2024.
In other words, under typical returns, society is giving more than twice as much money to the richest 1% of people each year as we give to the elderly and disabled. And that’s before including what we pay rich people for their “labor”.
4 comments
There’s been this funny trend where people pretend that we can’t gain anything by taxing the wealthy.
Usually, it relies on bad math. So, just to clarify, if the annual return on the wealth of the top 1% is 7% per year, that would be $3.2 trillion per year. Social Security, by far the largest anti-poverty program in the US, is forecast to cost $1.5 trillion in 2024.
In other words, under typical returns, society is giving more than twice as much money to the richest 1% of people each year as we give to the elderly and disabled. And that’s before including what we pay rich people for their “labor”.
Time for them to be taxed.
You mean the untaxable.