Joe Biden wants to tax billionaires 25%.

He says it would raise $400 Billion over the next 10 years.

He forgot to mention something important though:

The US government's problem ISN'T related to income (it just borrows more whenever it needs).

The problem is SPENDING.

The US government is adding $1-3 trillion to its debt EVERY YEAR.

It pays $1 TRILLION in interest alone each year.

Taxing billionaires will make absolutely no difference, other than leading to a flight of capital to other tax-friendly countries.

When billionaires are taxed, do you think the US government will just randomly stop spending more than it earns?

This seems more like a way to get more votes than anything by appeasing the people who don't understand finance.

$400B is NOTHING when it comes to how much the US government is spending.

At some point, instead of "tax the billionaires," we will see a new narrative forming:

"Tax the millionaires"

Then: "Tax the thousandaires"

Then: "Let's just keep everything."