The No Billionaires campaign

I believe it's time we reconsider the role billionaires play in our economy and our society. In fact, I say it's time we outlaw billionaires by placing a 100% tax on any wealth over $999,999,999. Trust me, we'll all be much better off in a nation free of billionaires. Look around, the whole planet is in crisis. Europe is on the brink of collapse, the United States economy is sputtering out, freak climate-change induced weather is becoming more and more common, our streets are becoming the breeding grounds for social instability, and all the while there is a small cadre of very, very wealthy individuals -- billionaires -- who are sucking up more and more of the wealth that used to belong to working people.

Just consider these numbers: Post World War 2, all income levels in America grew together, and the lowest income level - the 20% poorest Americans - actually grew at a faster rate that the top 20% wealthiest Americans. During this time, billionaires were few and far between in America as wealth was more evenly distributed. But since Reagan , and since a new mentality was instilled in our culture that greed is good, and that the super-rich shouldn't be questioned or asked to sacrifice anymore for their nation, then income for the top has increased rapidly - while actually falling for the bottom. Since 1980, the top 1% has sucked up 80% of all the new wealth created. And, in 2010, the richest one percent of Americans received 93% of all of the new income earned that year.

And now there are over 400 billionaires in America. In fact, today, the richest 400 Americans - all of whom are billionaires - own more wealth than the bottom 150 million Americans COMBINED. The richest 6 members of the Sam Walton family - heirs to the Wal-Mart fortune and, again, all billionaires - own more wealth than the bottom 30 percent of Americans COMBINED. According to a recent study from the Federal Reserve, median net worth for middle class families dropped by nearly 40 percent from 2007-2010. That's the equivalent of wiping out 18 years of savings for the average middle class family. And that money went to the richest 400 Americans - all billionaires - who collectively own $1.3 trillion worth of wealth. The issue is not punishing the wealthy.