Taxing the rich? There are 1,226 billionaires in the world today, 425 in the U.S., according to Forbes.
The entire combined wealth of the world's billionaires is $4.6 trillion. The U.S. debt increased $4.9 trillion during President Obama's first term, so, as it stands, if Obama could somehow pillage 100 percent of the wealth from every billionaire on earth, he still couldn't even pay for that increase.In the U.S., billionaires represent about $2 trillion. More, the top two-thirds of wealthiest Americans represent a total of $4.2 trillion.The lesson here is that the rich don't have enough wealth to pay for spending, so taxing it isn't the answer. Cutting spending is the only solution.While I'm not rich as defined by Obama, I'd sure like to keep more of the money I earn.-- C. Garner Mahan, KellerHave more to add? News tip? Tell us
