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Calculate your family's share of the Federal bailout

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February 25, 2009 – Comments (6)


Everyone is getting bailed out...except for you and I.  Irresponsible homeowners, check.  Poorly run companies, check.  I have no idea how accurate this calculator is, but even if it's off by 50% it's still infuriating.  Enjoy.

Deej

6 Comments – Post Your Own

#1) On February 25, 2009 at 5:38 PM, tonylogan1 (28.22) wrote:

good try, but this calculator is way way way wrong.

Put in a 10,000 income (note: these people will pay zero in bailout)

Put in a 250,000 income and these people actually pay less of the bailout?

Plenty of other things for me to get mad about today... time to find the next one.

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#2) On February 25, 2009 at 5:53 PM, columbia1 wrote:

I get 53 weeks of vacation!!!!,  :)

oh wait a sec , I get to pay for some lucky person to go on vacation for 53 weeks :(

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#3) On February 25, 2009 at 6:56 PM, AnnaDcc (< 20) wrote:

Gee thanks for passing the buck, WWII generation and boomers......

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#4) On February 25, 2009 at 6:56 PM, nthought (< 20) wrote:

I guess I'll put off that purchase of 82 imacs.

 

 

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#5) On February 26, 2009 at 6:08 AM, TMFDeej (99.25) wrote:

I doubt that the calculator is right as well, Tony, but to say that people who make $10,000 right now will pay no money towards the bailout is absolutely absurd.  

Assuming that the $10k person will not be stuckat the poverty level for the rest of their lives, they will eventually have to pay significantly higher taxes because of this mess.  Anyone who is a productive member of society is going to have to pay, and pay a whole lot for others' mistakes.

Deej

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#6) On February 26, 2009 at 9:04 PM, tonylogan1 (28.22) wrote:

Ok, let me explain a bit more and you will see it is not "absolutely absurd"...

Of course there are "some" people who make $10k that will eventually pay taxes, such as young people who are just working part time or really old people that may have to increase their withdrawals from retirement accounts to keep up with inflation...

But far and away, for the most part, the average 25-55 year old "working" citizen that earns $10k a year is a net tax taker, not a tax payer.

If you think that it is even remotely possible that a person earning $10k is paying more in taxes than they themselves consume in services, you may receive another long winded reply...

 I will say it again. People earning $10k will pay NOTHING for the bailout!!! (Except maybe some sacrificing of liberty, but that is not what the calculator was supposed to show)

 Also note: People earning very high incomes will be disproportionately affected by the bailout. Higher income people have tremendous opportunities to shift income sources, etc, and will avoid many bailout pitfalls.

The biggest victims of the bailout, far and away are

1) Two income earning families earning ~$100k or more on a W2

2) Single earners earning ~$75k or more on aW2

3)  Small business owners (including farmers) earning ~$100k-$500k

4) Young people 25 and younger who will eventually earn more and be taxed heavily (and inherit higher interest rates… the real future killer) in the future.

5) Probably the worst of all… the children of all 4 categories above that eventually earn decent wages, but don’t reach $500k+ status

I agree this bailout sucks, and it hurts PRODUCTIVE people. Sorry to burst the bubble, but $10k earners are not paying us out of anything.

 This whole rant just underscores the premise of class warfare. The media, politicians, etc will have you believe that "the rich" are not paying their share, but it so beyond untrue, it is silly. There is a continued assault on the middle class that is very real, and it comes at the expense of essentially subsidizing both the poor and the rich.

Rant off.

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