Tax the Rich, Huh?

All the dollars of all the U.S. billionaires can't pay the interest on the national debt now

You could put together the combined net worth of Elon Musk, Jeff Bezos, Mark Zuckerberg, Bill Gates, Ken Griffin, Mark Cuban, Ray Dalio, and George Soros and still not have enough money to pay ONE YEAR’s interest on our national debt!

The combined net worth of the most prominent billionaires in the United States would not be enough to pay a single year’s interest payment on America’s ballooning national debt, which currently stands at an astonishing $34 trillion.

The combined net worth of some of America’s most prominent billionaires, Elon Musk, Jeff Bezos, Mark Zuckerberg, Bill Gates, Ken Griffin, Mark Cuban, Ray Dalio, and George Soros, adds up to approximately $726 billion according to data compiled by the Bloomberg Billionaires Index. Meanwhile, the net interest on our national debt is currently at $730.8 billion, dwarfing the sum for previous years.

The Daily Wire goes on to note:

Net interest payments on the national debt hit a whopping $659 billion in fiscal year 2023, marking a massive 39% jump from 2022, when the government paid $475 billion in interest on the national debt.

The comparison signifies that increased taxation suggested by Democrats isn’t a viable path towards erasing the national debt, especially as interest payments pile up. The United States collected $4.4 trillion in federal taxes in fiscal year 2023, up from $4.19 trillion in fiscal year 2022, yet the debt increased by more than $2 trillion.

Yet the Democrats continue to demand the U.S. should “tax the rich” because they say “the rich” don’t pay their fair share.