TAX BAILOUT

Sep 30, 2008 at 6:23 PM
8 comments

---------- Forwarded message ----------
From: Blondie
Date: Tue, 30 Sep 2008 15:01:27 -0700 (PDT)
Subject: TAX BAILOUT
To: Chris

I don't know who started this but I wish they were running for office!!

Sent: Tue, September 23, 2008 16:00
Subject:INTERESTING CONCEPT

I'm against the $85,000,000,000.00 bailout of AIG.

Instead, I'm in favor of giving $85,000,000,000 to all Americans as a
"Dividend".

To make the math simple, let's assume there are 200,000,000 bonafide
U.S. Citizens 18+

Our population is about 301,000,000 +/- counting every man, woman and
child. So 200,000,000 might be a fair stab at adults 18 and up.

So divide 200 million adults 18+ into $85 billion that equals to a
hefty "$425,000.00"

My plan is to give $425,000 to every person 18+ as a "Dividend" Of
course, it would NOT be tax free. So let's assume a tax rate of 30%.

Every individual 18+ has to pay $127,500.00 in taxes. That sends $25.5
Billion right back to Uncle Sam.

But it means that every adult 18+ has $297,500.00 in their pocket. A
husband and wife have $595,000.00.

What would you do with $297,500.00 to $595,000.00 in your family?
Pay off your mortgage - "housing crisis solved"
Repay college loans - "a great boost to new grads"
Put away money for college - "it'll be there"
Save it in a bank - "create money to loan to entrepreneurs"
Buy a new car - "create jobs"
Invest in the market - "capital drives growth"
Pay for your parent's medical insurance =E 2 "health care improves"

Remember this is for every adult U S Citizen 18+ including the folks
who lost their jobs at Lehman Brothers and every other company. If
we're going to re-distribute wealth let's really do it...instead of
trickling out.

If we're going to do an $85 billion bailout, let's bail out every
adult U S Citizen 18+

As for AIG - liquidate it and Sell off its parts.
Sell off the real estate. Let the private sector bargain hunters cut
it up and clean it up.

Here's my rationale. We deserve it and "AIG doesn't" we were not
invited to the last 10 years of "party time" bonuses.

And remember, The this plan only really costs $59.5 Billion because
$25.5 Billion is returned instantly in taxes to Uncle Sam.

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8 comments

Comments

[this is good]

check the math, I think we'd get $425 each.

The bailout is allowing them to do just that - sell off and liquidate, but in a calm and well-thought-out manner, as opposed to a quick sell-off that would be the equivalent of a firesale that would benefit no one and would cause great damage to many.The AIG bailout is a whole different kettle of fish than the $700B bailout of the economy that was rejected yesterday. Yes, currently AIG is too big and it will come out of this much smaller, but with the current size of the company and its global pervasiveness (millions of people have a tie to AIG somehow, whether they realize it or not), the effect of the company failing would be felt worldwide, not just in the US, as is mostly the case with the other bailout.

Lurkertype replied to crankypants’ comment:
Sep 30, 2008
Reply

I'd take that, too.

I agree with this in principle but am too realistic to believe it would work. There are still many adults 18+ and older who would gladly squander that money on useless luxury items, drugs, and alcohol.

I agree with Jaypo. There would have to be some kind of clause stating that the money would be sent directly to their lender. I understand how complicated that would be, but I think this would definitely revive the economy.

But what would people like me, an apartment dweller, get? Maybe it would have to be earmarked for purchasing a home? People would be able to buy a home, stop renting, & build equity while the economy improves. I would LOVE to buy a condo or small historical bungalow (Craftsman, Victorian, etc). It would have to already been already renovated. Kind of like I.G.'s new house?

My BF told me if you do the math you find out the calculation is WRONG! Sorry to burst your bubble. Each person would only get $425. Not $425,000! But yeah if it was that I think the economy would get a great boost!