A Realistic Plan to Pay Off the National Debt
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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.
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