If We Confiscated All The Wealth Of the 1% And give it to every american, it wouldn’t even be that much
The 1% sound like they are worth a lot of money, but confiscating it to divide it wouldn’t be that much. And you’d collect less money than their worth as their assets depreciate from shrinking, and inflation from the action rises.
The 400 richest Americans for example are estimated to be worth about $2.9 trillion dollars. If the socialist bernie sanders supporters magically got their way, and were able to confiscate their wealth, it would equal out to about $7000 or so you could give every American, one time. Sure $7000 free is nice, but after it runs out in a few months, Americans are back to square one on the problems they had before, plus whatever mass inflation has occurred after a confiscation and redistribution of wealth.
here’s the math:
2,900,000,000,000 รท 365,000,000 = 7,945.
Carving up the massive wealth of the 1% would be the equivalent of getting soem kind of government rebate or selling your used car for a lot more than you thought you’d get. It would be a pleasant surprise, but it’s not enough money to solve all your problems.
Another solution: Lower Taxes
A better solution could be to instead lower taxes, and let Americans keep $7000 that they otherwise pay in tax burden through income tax, social security, sales taxes, or property tax. Doing this would be much more stable and effective than turning the United States into the next Venezuela.