Cato argues taxing the wealthy would fall far short: confiscating the entire $6.6 trillion wealth of the 400 richest Americans would cover about 9% of the low-end cost.
Even seizing all projected $35 trillion in domestic corporate after-tax profits over 10 years would fund only about half of the $71 trillion low-end estimate, according to the report.
The institute also says pushing top federal income-tax rates toward revenue-maximizing levels would raise only about $400 billion over a decade because taxpayers change behavior.
The estimate lands amid a broader Democratic fight over socialism, with House Minority Leader Hakeem Jeffries facing party divisions over a resolution condemning it.
If confiscating every billionaire's wealth and corporate profit falls short, who will actually pay the multi-trillion-dollar bill for massive social programs?
Could the historic AI-driven corporate profit boom secretly hold the key to funding expansive social initiatives without crushing economic growth?