This is John Batchelor, a conversation with Veronique to resume the Mercatus Center about tax day and the myths of tax day.

The billionaires, if we take all their money, will pay down the deficit, true or false.

Well, Bernic explains all the deficit, $25 trillion, most recently, over 10 years, pay it down with the

billionaires so that they have no money left. Will it be enough? Here's the answer. Much more

of this tonight. The myths of tax day. No, it's a myth. And this is actually a very important

myth, right? Right. This is,

this is what is used as an argument behind the wealth tax in California. It's like we have these

budget myths. We have these budget needs and we have deficits and we don't have the money. And

if only we could tax the wealth of billionaires, then all would be okay.

But the thing is like our cumulative deficit in the U.S. for the next 10 years is going to be

$25 trillion. If you confiscated the entirety, the entirety of the wealth of billionaires in the U.S., you would get about $7 trillion or $8 trillion, depending on how you measure it.

And that would be then they would have no more wealth.

And you still have an enormous deficit.