Many of us believe that getting the rich to pay more in taxes is the way to solve our nation's fiscal woes. Are these people correct?
One guy looks at what would happen if we took even more of what "the rich" have.
Under my plan, billionaires aren't just going to pay more, they're going to pay it all -- a 100 percent tax rate. And not just on what they make in a year. We're going to take it all -- 100 percent of their entire lifetime net worth.
As for the "99 percent," relax. We're cutting your 2012 rate to zero percent. That's right: You're going to live like you're a hedge fund manager on the Newt Gingrich plan.
We're going to simplify that U.S. tax code at the same time. The IRS will be replaced -- by the September issue of the Forbes 400.
Let's get started. The Obama administration has requested $3.7 trillion in federal spending for 2012. Conveniently, that's a bit above $10 billion a day.
Fittingly, Bill Gates leads us off, with his $59 billion. Microsoft's founder could pay from the moment we rang in 2012 to almost midnight Jan. 6.
Up next, Warren Buffet. The Sage of Omaha's $39 billion gets us to the end of Jan. 10.
Larry Ellison -- $33 billion -- gets us through the weekend. Koch brothers David and Charles -- $50 billion combined -- cover the workweek. Then come four Walton Wal-Mart heirs -- sons and daughters of Sam, bringing us eight days federal spending combined.
George Soros, friend of President Obama, is next; his $22 billion will cover two full days and a bit more. Then comes Sheldon Anderson, Friend of Newt, with his $21.5 billion. Another two days and change.
We've burned through Forbes' Top 10 billionaires -- a total of nearly $310 billion.
It's Jan. 31.
The fact is, we cannot stop the tsunami of debt we are incurring by "taxing the rich." As Daniel McGroarty highlights, we can take all of their money - and we're still in deep doo doo.
While I personally am in favor of cutting a wide swath through all the perks and deductions many of us enjoy (which would essentially then be a tax increase), I realize that we cannot fix our fiscal house on the backs of the rich. We are going to have to stop the insane spending. There is no other way.
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