Lets do some number crunching. What is the $700,000,000,000 actually going to cost each tax payer if each one of us pays our share for this bailout package? Well, there were a total of 134,372,678 individual tax payers in 2005. Out of those, only 90,593,081 paid taxes, there were 43,779,597 individuals that were considered nontaxable.
So, if we take the $700,000,000,000 that is going to be spent to bailout bad financial decisions and divide it by the 90,593,081 tax payers. After doing the math, it means that each of us that actually paid taxes could see a $7,726.86 increase in our taxes.
If you ask me, I would rather have Americans, that did not read the contract before they signed it, lose their houses. Don’t take over 7 thousand dollars out of my pocket. If this is not socialism, I don’t know what is.
Yes, I know I did not take in consideration business taxes and other sources. But I think that this puts it in perspective. There is no place for the Federal Government to get $700 BILLION dollars without taking some of it from my pocket. I did not make BAD financial decisions, so why should I have to pay for others BAD decisions.