$1,000,000,000,000.00 – Amount of money so far used in bailouts.
92,740,927 – Number of tax payers in 2006 (most recent statistics from the IRS)
4,637,046 – 5% of the tax payers (remember, 95% of us will not have any tax increases)
$215,654.53 – Tax that each of the tax payers will have to pay just to pay the principle of the bailouts. If 95% of tax paying Americans don’t have to pay any extra [See this video
], then the 4.6 million taxpayers will have a tax increase of over 215 thousand dollars in 2010 just to pay off the bail out money. And that does not include interest.
The white house says that it will help reduce that amount by removing $100 million for its budget. Thanks for the help, you have decreased the 5%s tax liability by $21.57. That is not going to cut it. Remember, that the 5% is anyone who makes over $250,000. If they had to pay back what was loaned out, they would effectively have to pay an 86% tax rate.
I think this puts the numbers in a more understandable form. If all of the tax payers in 2006 were to pay off the bailout money, everyone would have a tax increase of $10,782.73. I personally don’t have that amount of many to give when I pay my 2009 taxes. Man, I better get a lot of services for my 10 thousand dollars.
Yes, the federal government is going to take more of your money. There is no way they can’t raise taxes and expect to stay a float. Not only do they have to come up with the money to pay for everything they want to, they have to come up with an additional Trillion dollars. But then again, Uncle Bama says not to worry about the deficit, or government spending [Washington Times: Obama: Need for stimulus trumps deficit fears
]. I just don’t understand how people can actually think they are not going to have to pay for any of this. The government can print money, but they need to collect it from the tax payers at some time.