There's Still Time!
I'm spitting mad! My tax dollars are going directly to pay for some number of families' plasma TVs and down payments on Hummers. Remember that the top 50% of wage earners pay 96% of the Federal income taxes! That means that half of America contributes next to nothing to keep America running. Yet all these people are going to get a big fat check! Even those who have paid no taxes at all. And the people paying the most taxes, the 5% of Americans who pay over 50% of the nation's federal income taxes will see nothing at all from this crazy giveaway plan.
Do you really think giving money to people who aren't too good with their finances to begin with will help anything? The money will be spent on Chinese crap from Wal*Mart, or be used to get further into debt. We're sure to see signs at the car dealers that $1200 down (plus a 6 year loan!) will get you into that new Hummer!
Or it may be used to keep some greedy deadbeat who lied about his income to get a loan (driving your property taxes up with phony valuations) in his house another month. Since the amount of this stimulus package is a tiny fraction of bank losses, then it won't help bail out the banks. In fact, it'll make it worse. The longer these deadbeats hold on to the title for the house, the more the price will drop.
But there's STILL TIME
The Stimulus Package isn't a done deal yet! Write a letter and send it by US Mail or Fed-Ex to your representative. Let them know that this bailout is divisive and harmful.
Here's a sample letter. Whatever you do, make sure you state your point of view in the first sentence. That's all the staffer will read. If you make it too complicated, your opinion may be miscounted. Nothing's more frustrating than receiving a form letter back that demonstrates they don't know where you stand.
Here's my letter:
Dear Congresswoman Eshoo:
I urge you to oppose the economic stimulus package. We do not need checks mailed out to millions of Americans, nor should we raise the “conforming” loan limit.
- The so-call tax-rebate is grossly unfair because it rewards people who haven’t paid any taxes, and doesn’t provide anything to those Americans who pay the most. I fear this money will be used to get people deeper into debt, or to prolong an inevitable foreclosure.
- Raising the conforming loan limit is unthinkable since housing prices have been falling. A much better idea would be to lower it: to $300,000.
Allow me to offer a suggestion for a proper stimulus package that can have a zero net cost to taxpayers:
The first two items encourage savings:
1. Reduce the tax rate on dividends to 10%.
2. Remove income limits for IRA’s. Raise the contribution maximum to $40,000
And, to pay for all of this, I propose:
3. Repeal the recently-passed legislation that permits deadbeats to keep their windfalls, tax free.
4. Authorize the IRS to collect income taxes based on stated income amounts on mortgage applications, if higher than W2 and 1099 income
Thank you.