Tuesday, March 03, 2009

What is your contribution to the bailout?

10 comments:

Red_Cleric said...

Can I buy 4 corvettes instead...? Please...

Alan

Dave Moody said...

I'd rather have the 339 iMacs, and 17 Bachelor's degrees. I could find something to do with them...

dm

Reformed Catholic said...

Trouble is, I won't be seeing any tax increase, as my income won't reach 250K .

Rev'd Chris Larimer said...

RC,

I hate to be disagreeable, but you're wrong.

First, you need to realize that when the Bush tax cuts lapse your taxes return to a 2000 level. Looking at the tax table for 2000 and the tax table for 2007, even my measly salary earns a wopping $2000 tax increase (roughly 3 housing payments)! YAY!!! Uncle Sam (or Obama's constituents) get to keep 25% of my earnings!

A sizable portion of his supporters also get hit. If you make $25K, you'll still see an increase of more than $700 over your 2007 tax obligation.

Second, if you make more than $94.7K, you'll get hit double on your Medicare payroll taxes.

He's dissembling when he tells you that he's not going to levy more taxes. He will...and this is just the beginning.

Reformed Catholic said...

I'm going to base my calculations on our income in 2006, when we made $59K. The adjusted income after itemized and standard deductions was $39,398.

In 2000, our taxes would have been 5906, in 2008 our taxes would have been 5102. So there's a $800 difference between 2000 and 2008.

I never base my taxes on my gross income, only on my adjusted income after deductions.

I'm not going to worry about it until I actually see the tax tables for 2009, not much I can do anyway, its deducted from my pay automatically.

Anyway, I have no illusions about how much of the deficit is mine, or yours, or anyone paying taxes in the US. Just as the past 8 years of deficit spending will wind up on the backs of our descendants, so will the next 4 or 8.

I just look at it as payment for living in the US, where we can pray in the church of our choice, find a grocery store stocked with 2 or more different brands of green beans, and where we have a military (where I served for 23 years) that is firmly under civilian control, and goes where it is sent, no matter who's in charge.

Whew .. sorry about the length.

Anonymous said...

Sounds like biblical math to me.

The 11 Trillion deficit is not the bailout. That's just the price tag for Reaganomics.

The bailout package was only 700 Billion.

The cost of the deficit is not going to be paid on dollars. Its going to be paid in Yen.

Hope you like sowing buttons.

Ritchie Jones

Rev'd Chris Larimer said...

Ritchie,

Under the tax cuts of "Reaganomics" government receipts increased. It's a fact. Every time taxes are cut, the government gets more cash.

Presbyman said...

If the feds are going to break the bank on a stimulus program, why not do something that can be immediately implemented that would really work ... a $2,000 grant to every man woman and child in the US? That would cost about $620 billion ... less than the stimulus but done all at once for maximum effect.

Rev'd Chris Larimer said...

You could go for closer to $3500 if you only paid it to the 18+ crowd.

Even better, only pay it to people who have actually paid taxes (whether federal, state, or just social security...not sure how the numbers would play out).

Presbyman said...

I proposed money for every man, woman and child regardless of age because I think that would benefit families especially.