Paradise Papers leak reveals secrets of world elite's hidden wealth

Lets say we tax the 300,000 Americans who make a million or MORE per year at 90%. How much money do you think that is? Lets just do some basic math and give these 1%ers the ultimate benefits. Lets first say that on average across all of them they make 600 million per year. And lets say they are beating the odds handily and making 60% profit per year (about 360 million in profits per year). Thats only 324 million in added revenue, or less that 1% of the total tax income per year. Ok so maybe the numbers are to low, how about we say every person that makes over a million is making 1 BILLION per year? Well that bumps up the taxes to 324 billion per year, or about 10% of our annual tax income.

Point being, even if we could tax every man, woman, and business at a 90% rate, and guarantee the income, it would only raise the tax income by about 1%. Likewise if all these guys hid all their money away we would only lose about 1% as well. America is not funded by the rich, its funded by the middle class, so stop blaming the tiny portion of people who happen to make alot of money for the problems our country is facing.

/r/worldnews Thread Parent Link - theguardian.com