10 Ways to Bail Out Wall Street (and Main Street) Without Soaking Taxpayers

10 Ways to Bail Out Wall Street (and Main Street) Without Soaking Taxpayers

www.alternet.or g

As Congress debates the particulars of the Bush-Paulson bailout, one key question has gone largely unexplored: Who will pay for this mess?

Lawmakers in Congress appear to have assumed that the federal government will simply borrow more money to foot the bill for the bailout. The national debt ceiling will rise to a whopping $11.3 trillion, up from $8 trillion a year ago.

But this rush to borrowing merely shifts the bailout burden onto the backs of future taxpayers. Congress needs to change course -- and develop a "pay as we go" plan that makes Wall Street pay.

The lion's share of bailout funding should come from the high-finance gamblers and the wealthy CEOs who have so profited from our casino economy.

(visit the link for the full news article)

This article is very important and should be read by anyone who is upset about the whole bailout proposal... there are alternatives out there and they need to be explored... even if they are ultimately rejected, congress will be doing the public no good if they don't look at ideas like these.

No matter if the bailout as bush minor proposed is approved or not... no informed voter should not at least suggest to their congressperson to look at these and other alternatives.

I know anti-tax conservatives will howl at some of these but still its better than what has been proposed:

1. A Securities Transaction Tax: $100 Billion
2. A Wealth Tax Surcharge on Households with $10 Million: $300 billion
3. A Corporate Minimum Income Tax: $60 Billion
4. A "Disgorgement" Recovery From Profligate CEOs: $40 Billion
5. An Income Tax Surcharge on Incomes Over $5 Million: $105 Billion
6. An End to Overseas Corporate Tax Havens: $100 Billion
7. The Elimination of Subsidies for Excessive CEO Pay: $20 Billion
8. The Elimination of the Tax Preference for Capital Gains: $95 Billion
9. A Progressive Inheritance Tax: $60 Billion
10. The Elimination of the Mansion Subsidy: $20 Billion

In short these ideas make the ones who will benefit the most from the bailout pay for it themselves.

www.alternet.or g
(visit the link for the full news article)

[edit on 26-9-2008 by grover]

How about this one?

1) Seize ALL assets of the CEOs, Board of Directors, and top 10% of shareholders of the failed corporations. If any public or private company is in the top 10% of shareholders, seize ALL of their assets, as well as THEIR CEOs and Board of Directors assets.