Everyone who has heard a Democratic politician speak in the last decade has heard the mantra, “We can balance the budget (or fund a pet new social program) if we just make the billionaires pay their fair share of taxes.” So let’s see what it would look like. Let’s balance the budget―not even taking the extreme of creating and paying for any new social programs―with higher taxes on billionaires. The Congressional Budget Office (CBO) baseline budget predicts a deficit of nearly $1.851 trillion in fiscal year 2026 (which begins October 1, 2025)―without President Donald Trump’s “Big Beautiful...
















