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Let’s say the USA could convince each billionaire in the world to give every penny of their wealth to the US Treasury. How long do you think we could run the US Government based on the Fiscal Year 2020 Budget?
I had to do the math.According to Forbes’ 33rd Annual World’s Billionaires Issue, there are 2,153 billionaires in the world. In total, they have a combined worth of $8.7 trillion dollars (1).The US Federal Budget for 2020 is $4.74 trillion. (2)$8.7 trillion divided by $4.74 trillion translates that we could only run the United States for 22 months!The secret… Cash flow is king, along with one heck of a deficit.In Fiscal Year 2017, the US sources of income came from (3):
- 48% Individual Taxes
- 9% Corporate Taxes
- 35% Payroll Taxes
- 8% Miscellaneous
- In my opinion, we should be relishing in the power of the entrepreneur. Their innovation and new ideas generate the cash flow to fuel the United States. We shouldn’t look to kill the golden goose, but encourage the golden goose to keep producing the cash flow to run these wonderful United States.Secondly, we need to reign in the unabated spending of both parties in Washington DC. Running a deficit greater than $1.1 trillion dollars per year(2) is ridiculous. And the policies to spend more and give more just don’t align with the long-term health of these United States.Sources:https://www.forbes.com/sites/forbespr/2019/03/05/press-release-forbes-33rd-annual-worlds-billionaires-issue-reveals-number-of-billionaires-and-their-combined-wealth-have-decreased-for-for-first-time-since-2016/#6ca916ee45b9https://www.thebalance.com/u-s-federal-budget-breakdown-3305789https://www.taxpolicycenter.org/briefing-book/what-are-sources-revenue-federal-government
Related: The Stakes Are Too High for Women Not to Be at the Forefront of Family Finances