After all the bluster dies down, Historians will revisit this era and come to this conclusion.

In order not to tax the top 1% an additional \$85 billion dollars, the 99% was made to suffer for it....
Cost = \$85 billion.  Let us compare that to wealth, not income, to see how that \$85 billion stacks up....

The current household wealth of the United States is listed between \$64 and \$65 trillion dollars....   We are going to draw the line at at the top 20% and bottom 80% of the population.

The top 20% owns 89.9% of the nation's wealth.  The bottom 80% owns 11.1%....  In dollars that stacks up as follows:

Top 20% owns \$58 Trillion in net worth.
Bottom 80% has \$ 7 Trillion of net worth.

Ok. now we have the dollar figures.  Let us break down the population.   Since we are dealing with government services we must assume that affects everyone, so we are going to use the 315 million population figure for our calculations.
Top 20% of population equals 63 million people.
Bottom 80% of population equals 252 million people.

So now let us see how that works out per person....

For both income levels we are going to divide the total wealth by the total persons and get the total wealth per person...

58 Trillion divided by 63 million people gives a per person average of...\$841,269 per citizen.
7 Trillion divided by 252 million people gives a per person average of ... \$27,777 dollars per citizen.

Ok so here is what historians will find.
If we tax the existing revenue for the \$85 billion difference it will only hit the top group of 20%...  If we sequester or cut out of our national budget, it will only hit those in the bottom 80%...
To see what the average hit will cost, we will take the \$85 billion and divide it among the number of people in that income range. Then later we will apply that to their wealth and see who has the greater and who has the less percentage...
\$85 Billion sequestered  spread over 63 million 20%'ers comes to \$1349 each.
\$85 Billion sequestered out of the 252 million 80%ers comes to a tiny.... \$337 each...

So here is the fun part.
That \$1349  is this percent of \$841,269...  0.16% of one percent.
That \$337 is this percent of \$27,777.... 1.2 percent...
Each person in the bottom 80% is paying roughly 8 times more of a burden to their wealth than paid by those in the top 20%..
.....   When our economy fails and historians look back and say, didn't anyone crunch the numbers?  Well, yes?  Someone did..

And if fairness is truly an America virtue, then once we know that a 8 to 1 ratio exists, it become easy to figure out how to divide the costs equally...  (8x +1x = \$85B)  then

we should have a tax hike of  \$75 billion and sequester or cut of \$10 billion to give every America an equal percentage bite out of their wealth....

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Comment Preferences

• Probably Should Figure It For Income Since(1+ / 0-)
Recommended by:
eXtina

what most of the bottom 80% lives off.

And the top end gets so much from investment and similar lower taxed activity that they're already very unfairly favored.

We are called to speak for the weak, for the voiceless, for victims of our nation and for those it calls enemy.... --ML King "Beyond Vietnam"

• I thought of that and decided against it(1+ / 0-)
Recommended by:
Jim P

because on the top end there are those with considerable amounts of wealth, with no income.  Not accounting for those big numbers would skew weight more towards the bottom.

In fairness if you have a million dollar mansion and  have enough tax breaks to allow your income to register zero, you can still afford to pay more than someone with 27,777 of annual income and zero wealth....

• This made me realize for the first time(0+ / 0-)

that when we talk about "defense cuts" that a hefty chunk of that, if not all, translates into lost income for the work force. So, as far as that goes, that's the not-obvious hit to add to the obvious hit on the Lesser Sort of person.

We live in a nation where doctors destroy health; lawyers, justice; universities, knowledge; governments, freedom; the press, information; religion, morals; and our banks destroy the economy. -- Chris Hedges