Monday, November 17, 2008

Taxpayer bailout

Americans for Tax Reform's Grover Norquist has sent a request to the treasury for a $700 billion bailout.

I write today to formally request $700 billion from the TARP Capital Purchase Program. Since unionized auto companies, state and local governments, and certain credit card companies are applying, I thought I should, as well. Attached you will find the two-page application which I downloaded from

I am fully aware that some $125 billion has already been allocated as of October 29, 2008. However, given that the federal government has the full weight of the army, the FBI, etc. behind it, I am confident that you can re-appropriate this money from the likes of Wells Fargo (or their successor companies, if the current over-regulatory and over-taxing economic climate has caused them to go under).

I have a plan for this $700 billion which should be just what’s needed to get the American economy going. Since the money came from the taxpayers in the first place, I propose giving it back to them.

According to the Washington Times, the tax cuts include:

...cut the corporate income tax from 35 percent to 15 percent, eliminate the capital gains and dividends tax, cut the top personal income tax rate from 35% to a flat 15%, kill the death tax, and allow companies to fully-expense capital assets purchased the first year.