Why Not Just Confiscate The Wealth Of “The Rich”?

Why not? Well, leaving aside such trifling concerns as law, morality, justice, fairness, etc, even confiscating the wealth of “The Rich” wouldn’t make a sizable dent in the deficit.

“According to Internal Revenue Service data,” the Wall Street Journal reported today,

the entire taxable income of everyone earning over $100,000 in 2008 was about $1.582 trillion. Even if all these Americans — most of whom are far from wealthy — were taxed at 100%, it wouldn’t cover Mr. Obama’s deficit for this year [emphasis added].

In his now abandoned — indeed, apparently forgotten — 2012 budget submitted to thunderous derision only two months ago, President Obama himself predicted, perhaps optimistically, that this year’s budget would be $1.6 trillion, the largest in American history.

Say What?