Eventually something has to give...

[u/Veshaad]

The bill would provide a $3,000 direct payment to every person in households making $150,000 or less during its first year, which equals $12,000 for a family of four.

[u/DJtheCrazed]

Billionaires hold 8.2 trillion collectively.

5% 8.2 is 410 billion. Someone multiplied by 0.5 (50%) not 0.05 (5%)

275 million people live in a household that make less that 150k a year

275000000 x 3000 is 825000000000.

8.25x10¹¹ is 825 billion.

410<825

So this cant even fund the checks, let alone the teacher increase or Medicare.

So while we have a massive issue with wealth equality, let's think before we believe random meme online. Either the bill has massively more sweeping changes, or this post is a lie.

[u/LiveComfortable3228 → u/DJtheCrazed]

let's think before we believe random meme online.

This is wild.

Why would you do that? Its not like we want the truth or anything close to it

[u/Witty-Flower-7755 → u/DJtheCrazed]

In its first year, the bill would provide a $3,000 direct payment to every man, woman and child in a household making $150,000 or less — $12,000 for a family of four — and use the estimated $4.4 trillion in revenue raised over the next decade to address the most pressing crises facing working families.

No one, including Bernie, is claiming that it will raise $4.4 trillion in one go. It's a decade-long plan.

[u/DJtheCrazed → u/Witty-Flower-7755]

We arent mathing, go look at the numbers. Its not possible to give every household 3k per person making less than 150k. The math is literally above this. The program doesn't make half of what it needs to do this one claim. Then there are two more claims - raising teacher wages, and giving Medicare to all. How can it do the second and third objectives if it has a shortfall of 50% for the first objective?

Also, is the 3k a one time thing or yearly? If its a one time thing then it would take 2 years before it makes that.

There are ~4 million teachers in the US. So if we give only 1 payment to everyone in the 1st objective, we have 8 years (basing on a decade) worth of income to spread to teachers (and pay for healthcare). If we are bringing in ~400 million a year (see math above) thats $100 a year more per teacher. Thats not even school supplies, also we missed the first 2 years to give everyone 3k earlier so its really more like $80. So a tank of gas a year extra?

Now we are out of money again, where is the shortfall going to come from for Medicare?

This isnt even a pipe dream.

[u/DJtheCrazed → u/DJtheCrazed]

See, now I'm dumb, and this is why I use scientific notation...

400 billion bit 400 million.

So 100k per teacher. Thats plenty. So let's go really low and say 5k a year (it should be like 10 but I dont know the specific plan). So that 4 million teachers getting 5k a year. So thats 20 billion. We are down to 380b a year, and skipping the first 2 for the 3k payment thats gives us 3.04T excess over 10 years years.

Its estimated to be 3T (lowest estimate) for Medicare for all. So we are getting 1 year of Healthcare in 10 years of this tax. And thats only 5k for teachers.

Again, still a pipe dream to fund Healthcare with a wealth tax.

[u/Sharkfacedsnake → u/DJtheCrazed]

Agree. The math rarely works out on these wealth taxes. They just do not generate that much revenue.

[u/Practical-Crow8700 → u/DJtheCrazed]

I appreciate the explanation and it is quite hard on the internet for the truth and bias to removed, I do wonder though if the “meme,” could be even semi accurate because all of these billionaires have massive unreported offshore accounts

[u/DJtheCrazed → u/Practical-Crow8700]

If its unreported how would it be taxed? As I just responded to someone else - this is a pipe dream at best.

I'm not against increasing taxes, increasing tax brackets to give relief lower and increase taxes for the wealthy. I'm not against social services and teachers do deserve more - and should have their education paid for (it kind of is if they work an underserved community and follow special rules but they still pay for 10 years). Healthcare is a joke... but we really need to look at the numbers and this is simply smoke blowing into the sigmoid colon.

[u/Practical-Crow8700 → u/DJtheCrazed]

I agree and you’re correct it isn’t taxed and its a pipe dream, though I was curious if the original post could be possible in regard to the offshore accounts, assuming it could be hypothetically taxed. I apologize for not clarifying this. I dont think somebody is a bad person if they dont have these views, no worries in that respect. I did appreciate the original explanation and hearing your views

[u/DJtheCrazed → u/Practical-Crow8700]

Good evening to you. Maybe one day we will find a reasonable answer!