To help reduce the US Debt, all people having a net worth of $5 million (mil) or more will have to pay a percentage of their net worth. In addition all federally elected officials along with all cabinet members having a net worth of $1 mil or more will pay twice the percentage of their net worth. The percentage will be based on the US Debt in the Trillions (tri). The percentage of their liability would be calculated by taking the US Debt in the trillions and turned it into a percentage. A debt of $16 tri would be a 16% liability. Payment would be due on July 3rd of each year, as long as there is a national debt. Example: Someone with a net worth of $7 mil and the US having a debt of $17 tri would have a tax obligation of $1.19 mil.
$7,000,000 x 17% = $1,190,000
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