The richest people on the planet got even richer in 2013, adding $524 billion to their collective net worth, according to the Bloomberg Billionaires Index, a daily ranking of the world’s 300 wealthiest individuals.Again: that's their net worth, not income, so taxable income would be less and that's all of them in the world, not just the Americans. If the aim is to raise tax revenue, you don't get out of trouble by raising their income taxes.
The aggregate net worth of the world’s top billionaires stood at $3.7 trillion at the market close on Dec. 31, according to the ranking.
While $3.7 trillion would more than pay for our yearly federal deficit, it's not even 1/4 of the accumulated debt of $17.2 Trillion. Not to mention the approximately $130 Trillion in unfunded liabilities. While it might be remotely possible for the Fed.gov to nationalize the assets of an American billionaire like Bill Gates or Sara Blakely, they wouldn't get very far with the Mexicans, Chinese, Saudi or other nations' billionaires.
It's just another sign of how deep our fiscal hole is and how bad the situation is. There is no "let the rich pay for it" and there is certainly no "let someone else pay for it". There is no paying for it. Things that can't go on forever won't, and math is unforgiving. As I always say, infinity is a handy concept in math, but a rotten way to run an economy. We simply can't continue to expand our monetary supply and deficit spend the way we have. There is simply no way that the government's financial obligations will be paid. Either foreign investors lose confidence in the dollar and it collapses or the dollar inflates to meaningless. Either way, the math will have its reckoning.