Letter to the Editor
America is now a place where the poor pay welfare to the rich. What a country! The working class bailing out the investor class and the investor class pays a far lower tax rate (capital gains) than working class people who pay payroll taxes. So when the rich were making money they got to keep it but when they start losing money the working class people have to give 700 billion in welfare to the stock market. The investors want the government to stay out of it when it come to regulation, but when the housing pyramid falls apart it falls on the taxpayer to bail them out.
If we are going to be stuck paying their bill shouldn’t we at least repeal the capital gains tax cuts and the tax cuts for the rich to pay off this new debt? 700 billion dollars is a lot of debt. That’s 2800 more bridges to nowhere on top of a 40,000 bridges to nowhere national debt. I think that the people who can’t remember how many houses they own should pay off this debt rather than putting it on those of us who don’t own a home.