In 2018, US households’ total wealth was $98 trillion. Federal government spending in 2018 was $4.094 trillion. If we take the standard investment advice and assume that the government can spend 4% of its savings each year, that means the government would need to acquire $102.35 trillion in this one-time taxation. The math does not work out. (I picked 2018 simply because it was the year for which I found total wealth quickest in a google search. The federal budget has only grown since then.)
In 2018, US households’ total wealth was $98 trillion. Federal government spending in 2018 was $4.094 trillion. If we take the standard investment advice and assume that the government can spend 4% of its savings each year, that means the government would need to acquire $102.35 trillion in this one-time taxation. The math does not work out. (I picked 2018 simply because it was the year for which I found total wealth quickest in a google search. The federal budget has only grown since then.)
The last section of my post comes to roughly the same conclusion.