Monday, September 22, 2008

Best Idea Yet for Wall Street Bailout

Here is a blogger with the best idea I've read for the Wall Street Bailout: Tax the rich to pay off the bailout cost. I mean, after all, THEY are the ones who profited from this fiasco, let them now pay for it.
"The most important condition to put on any bailout proposal is to impose a tax surcharge on the incomes of the wealthiest Americans to pay the bailout's cost.
Moreover, we should leave that tax surcharge in place for as long as it takes to recoup the total bailout costs, which are still undetermined. If, for example, Paulson gets another $700 billion, to add to the $800 billion increase in the debt limit Congress gave him last July, we're up to $1.5 trillion that needs to be recovered.
Tying the surtax to full bailout repayment will provide a strong incentive for those who don't like taxes to insist on bailout approaches that actually work and minimize taxpayer exposure. They'll insist on effective oversight and accountability for any bailout approaches and actions, as opposed to the Bush/Paulson approach of giving Paulson a blank check to spend at least $700 billion with no accountability whatsoever."

And BE SURE to read my post that explains just how we got into this mess in the first place. It was a crime, basically.

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