Bill Gates, Jeff Bezos and Warren Buffett have more wealth than half the population of the US combined.
I'm going to examine that next, but first let's go bigger: there are 2200 billionaires in the united states. Their combined wealth is about $9 trillion
. So, forget about taxing their income, if you actually took everything they own, and left them with nothing, and could do that without decreasing the value of their wealth in the sell-off, it would still not pay for that $16 trillion.
Now, let's address your other point. $109 billion + $122 billion + $86 billion = $317 billion. The bottom 50% of US households have $1.67 trillion. Not even close.
A quick Google search tells me you're quoting a particular study done by the Institute of Policy Studies. Since that didn't mesh **at all** with the Wikipedia values, I decided to go read their report, here. They actually roughly agree with the household wealth numbers from the Wikipedia page, but gives us the answer in their methodology:
We calculated household wealth figures using the Survey of Consumer Financesvariable “networth” minus “durable goods.”This method follows the leadof New York University economistEdward Wolff, a veteran scholarwho has researchedwealth in the United States for decades. Wolffpoints out that durable consumer goods—like televisions, furniture, and household appliances —are not easily marketed. Automobiles, the main durable good included in the Survey of Consumer Finances, are slightly easierto sell. But cars typically lose rather than gain value over time,making them a weakstore of wealth. Wolff’sexclusion of automobiles is also consistent with the Federal Reserve’s approach to national accounts,where vehicle purchases are listed as expenditures rather than savings.
Fantastic. Yeah, you take all their wealth, subtract the value of everything they bought with that wealth, and there you go. Their argument is that those things are not easy to sell, and therefore not good storage of wealth, which is indeed right. But that doesn't make it worthless. First of all, once somebody chooses to buy these things, they had an opportunity cost and they could have chosen to buy something else. So why would someone buy a car and household appliances? Because they have value. If you don't have a car, it's harder for you to get to work. If you don't have a fridge, you can't store food for long periods. Not having these things cost money. They generate wealth. Their wealth needs to be counted.
I'm sure they also went ahead and applied the same methodology to the wealthy right? Did the subtract televisions, appliances, cars, private jets, and yachts, because those things hemorrhage money from the wealthy too?