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Sunday, September 21, 2008

Biggest Regressive Tax in History?

The Paulson / Bernanke plan, as announced so far, seems to suggest a 700 Billion dollar (that's not a typo) price tag to bail out our financial system - this is on top of the aprox. 200 Billion provided already to Fannie and AIG, etc.   So, basically, the government wants to double the direct financial cost of the Iraq war to hedge a risk that we may go into a Depression if we do nothing. 

But what IS this plan?  Well the federal government basically will borrow the money (from citizens or China, etc).  This is equivalent to going to average US Joe tax payer of the future - including MEDIAN Joe taxpayer - including the POOR tax payer and borrowing from them.   The government will take that $700 Billion and turn around and give it to the elite, the rich, the entrepreneur class - but not just that - they would give it to the CORRUPT elite, the BADLY MANAGED rich, the FAILED entrepreneur.  

This, unless I'm mistaken, would be the single largest regressive tax (the debt required would be a tax on future generations as mentioned above) ever levied, anywhere.  

I don't necessarily disagree that this kind of intervention may be needed, but I definately feel that the evidence that Paulson / Bernanke have that suggest we NEED something this regressive, and this huge, is being hidden.  I am calling for more transparency.  Where is the transparency?  

If our government wants to take that much of our money - money from innocent citizens - to give to bad managers in the financial system - then we deserve real evidence for why.  

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