Help! Did I hear this correctly? I understand that last Friday portions of a recorded campaign speech were broadcast on the radio. Did Vice President Joe Biden really tell an audience that the Republican platform included a $500T tax break for the wealthy?
The entire personal wealth combined for all households in America is only about $56T. And for the more than 115 million households in this country the total realized personal income for 2012 will be approximately $8.5T. In fact, the $500T figure exceeds the entire personal wealth held by all households in the world!
Is there some hidden underground economy that accounts for the $500T figure? If there is, please let me know.
What if the government “taxed/confiscated” all the personal wealth and all the personal income in America? The resulting figure still could not come close to the $500T tax break alluded to by Mr. Biden.