The case against taxing away billionaire fortunes: most of that money isn't cash, and even all of it wouldn't fund the US government for a full year.

• Elon Musk's fortune sits in companies, buildings, and equipment, not in a bank account someone can hand out.
• Selling off every top fortune in the country, sports teams included, still falls short of one year of federal spending.
• The bigger loss is what comes after: the people who took the risks are the ones building the next products.
• Phones and AI came from private risk-taking, not from governments.

Outlook: Expect the "tax the billionaires" fight to stay front and center as Washington's spending gap keeps growing.