Individuals whose net worth exceeds $40 billion, including Warren Buffett, have often urged Congress and President Obama to raise taxes on the wealthy. In fact, Mr. Buffett, himself, and others have pledged to donate the money eventually. In light of the current economic crisis and ballooning deficit, America needs that money now in order to prevent further devastating economic effects.
As such, those whose net worth exceeds $40 billion ought to have their net worth taxed at a rate of either 99% or have their net worth reduced to $100,000, whichever is less.