03/01/2025
Here's a breakdown:
1. Revenue from a 2% Billionaire Tax
Total Wealth of U.S. Billionaires: As of recent estimates, U.S. billionaires collectively hold approximately $5 trillion in wealth.
2% Tax Yield: Applying a 2% tax on this amount would generate about $100 billion per year.
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2. Estimated Costs of Proposed Programs:
Ending Homelessness: The Department of Housing and Urban Development estimated in 2024 that eradicating homelessness would require around $20 billion annually.
Ending Hunger: The Center on Budget and Policy Priorities estimated in 2024 that addressing food insecurity would cost approximately $25 billion per year.
Tuition-Free Public College: Senator Bernie Sanders' 2024 proposal estimated the annual cost at $70 billion.
Universal Childcare: The Economic Policy Institute estimated in 2024 that implementing universal childcare would require about $60 billion annually.
Replacing Lead Pipes: The Environmental Protection Agency estimated in 2024 that replacing all lead service lines would cost around $45 billion.
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3. Total Estimated Annual Cost: Combining these figures, the total comes to approximately $220 billion.
Conclusion: A 2% tax on billionaires for the first three years, yielding $300 billion, would begin to cover the combined $220 billion required annually for these programs. It would take a few more years to catch up completely, but eventually it would.
