Bail me out...
Dear Fellow Citizen and Mr. President Obama,
I've grown weary of listening to all the talking heads drivel on and on about how to save banks from the current financial crisis. All of it is "trickle down" to the people who really need it. Clearly the Bush regime demonstrated that corporate greed could not be curtailed in this manner - as bank after bank took the taxpayers money, spent it frivolously, bought other banks, paid bonuses, distributed dividends, and could give no public account of how they had done anything to help the citizens who need it. They simply ask for more billions and billions...
In contrast - I would like to suggest that the simplest way to help the people who need it the most - is to exempt the first $50,000 of income from any source from federal income taxes. This could end withholding form everyone's paycheck - putting money directly in citizen's pockets.
This could be expanded at tax time - end all tax deductions - exempt the first $50,000 from income taxes - couples filing a joint return would get $100,000 in exempt income. Apply this to everyone - treat us all equally - you and Michelle, Mark and Pasha, Bill & Melinda Gates - get $100,000 in exempt income - no other deductions...
It really is that simple - to put the money directly into the pockets of the people who need it...bail me out please!
I've grown weary of listening to all the talking heads drivel on and on about how to save banks from the current financial crisis. All of it is "trickle down" to the people who really need it. Clearly the Bush regime demonstrated that corporate greed could not be curtailed in this manner - as bank after bank took the taxpayers money, spent it frivolously, bought other banks, paid bonuses, distributed dividends, and could give no public account of how they had done anything to help the citizens who need it. They simply ask for more billions and billions...
In contrast - I would like to suggest that the simplest way to help the people who need it the most - is to exempt the first $50,000 of income from any source from federal income taxes. This could end withholding form everyone's paycheck - putting money directly in citizen's pockets.
This could be expanded at tax time - end all tax deductions - exempt the first $50,000 from income taxes - couples filing a joint return would get $100,000 in exempt income. Apply this to everyone - treat us all equally - you and Michelle, Mark and Pasha, Bill & Melinda Gates - get $100,000 in exempt income - no other deductions...
It really is that simple - to put the money directly into the pockets of the people who need it...bail me out please!
posted by Mark Sherman at 5:58 AM
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