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Your Tax Dollars - to fix the financial crisis BLOGPOLL
By Amy Wood
Friday, September 19, 2008
Up to a trillion tax dollars, destined to settle the bad debt that officials say is dragging down our economy.
We’ll be hearing more about the specifics of the plan in the coming days. But some feel strongly that tax dollars are being used this way. Others think it’s do or die, and there’s no choice. Where do you stand? Post your comments here and click into CW LIVE CHAT
If you’d like to see more on the plan - read coverage from Business Week.
And below the blog poll see what Senator Jim DeMint Proposes.
Last night as word spread of the Washington answer, Senator Jim Demint sent this statement.
“I’m deeply troubled by this plan. What is missing from it and from the recent string of bailouts is a commitment to return to a free enterprise economy. The federal government caused this problem by using taxpayer dollars to implicitly guarantee millions of mortgages, which have been sold as securities around the world. This socialization of risk removed market accountability and has now set off a chain of events that is threatening our entire economy. What we need now is not what could be nearly a trillion dollars in new taxpayer bailouts, but pro-growth policies that allow our markets to correct and start growing again.” – Senator Jim DeMint
Then today, the Senator announced he’ll propose legislation in Congress, that he feels must be part of the fix.
WASHINGTON, DC — Today, U.S. Senator Jim DeMint (R-South Carolina) announced he will introduce legislation to allow indexing of capital gains for inflation, a proposal that would index capital gains taxes for inflation, helping stocks, homes, and commercial real estate investments and help reverse the slide in U.S. asset prices.
I asked DeMint’s people to help us understand it. His spokesperson Wesley Denton sent me this:
If someone owns a stock or home, and went to sell it soon, they would pay cap gains tax. Say you bought a rental property 20 years ago for $150K and sold it today for $250K. Under current law, you pay cap gains on the $100K “profit” but most of that rise in value may have been normal inflation, so you didn’t really make much money. Under DeMint’s bill you would subtract the inflation from the “profit” and only pay taxes on difference.
COMMENTS
Haven’t they done enough? They have already put an almost certain end to future social security. Businesses go out of business; companies fail. What kind of message is the government sending to these mega-rich CEOs and companies if they keep bailing them out? What about ‘the little man?’ Who cares enough to help him? THIS HAS GOT TO STOP!!
It’s a little thing called reduced spending!
this is sickening!!!!!! what kind of future are we leaving are children and grandchildren? this is all most likely getting passed down to them. And ofcorse us poor and middle class would never get this kind of help. We have to struggle everyday just to get by, check our bank statements make sure all is in balance, sometimes we have to choose between, food,gas,meds because we don’t have the money, i don’t see a bailout for us that fall between the cracks!!! i said this on another blog….......
Why should the american people bailout or bridge anyone money? Is this not a Capitalist country? So why act like a Socialist? AIG is a company if it fails, it fails, same with any banks or stock companys, which most if not all gambled with our livelyhood without a bye or leave. why should the american government with the taxpayers money bail them out? How many Generations will this be passed down to, to pay off? Is this something we want to leave our kids and grandkids? Plus on top of all this, The Federal Deposit Insurance Corp. whose insurance fund has slipped below the minimum target level set by Congress, could be forced to tap tax dollars through a Treasury Department loan if Washington Mutual Inc., the nation’s largest thrift, or another struggling rival fails. What would truely happen if we got rid of the Federal Reserve (the Federal Reserve is a privately owned, for-profit corporation, not owned by the government.) and went back to the Gold standard the way our forefathers had it? Did not our forefathers created the Gold system, to protect us. they sure did.
My business is very slow right now. Kindly forward all government checks to PO Box 295.
When it’s NOT your money it’s real easy to spend it! This make this election that much more important. One candidate will lower taxes the other has guarantee higher taxes (don’t believe only the rich will be taxed, look at economic history).
I hate to sound fanatical, but I think it’s time for another Tea Party!
They have taken my money, my dreams, my hopes almost my home possibly my car next, now they want more in taxes. What after that my first born!.. give me a break. Tax foreign rich countries/companies that require our commodities
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