DOING THE MATH
“President Obama says his deficit-reduction plan isn’t ‘class warfare, it’s math.’ Well, here’s some math: If the federal government were to take every penny of income above $250,000 from the 2 percent of households that earn more than that amount, the total would be $1.4 trillion,” says Steve Stanek, budget-and tax-policy fellow at the Heartland Institute.
“If the federal government were to take every penny of net worth from the nation’s 400 billionaires — including Warren Buffett — that would total another $1.3 trillion. Combine the two amounts and that totals $2.7 trillion, approximately $1 trillion less than needed to cover this year’s federal budget. And once all that money is spent, it’s gone. Those billionaires would be paupers with no money to invest and hire people,” Mr. Stanek notes.