September 26, 2008

My Thoughts on the Proposed $700,000,000,000 Fed/Wall Street / MortgageBailout

My email to Wisconsin Senators Russ Feingold and Herb Kohl. I also sent this to Congresswoman Tammy Baldwin:

Dear Senator Feingold:

I am writing to express my opposition to the proposed $700,000,000,000 toxic debt instrument bailout.

I believe it is wrong for us to continue the practice of spending beyond our means and simply passing more debt to our children and grandchildren. It is also wrong to stoke the fires of inflation.

If you believe these funds are necessary, then I suggest the following:

  1. Mandatory across the board spending cuts that pay for at least 50% of this initiative. They must be across the board.
  2. A slight change in tax policy so that every American pays some taxes. The annual base tax cost should follow spending changes. Choose a small number. Think of this as a "co-pay". We have a real problem with the perception that federal (and state) dollars somehow fall out of the sky.
  3. You might be able to insert the beginning of a consumption tax. I would be in favor of such a tax on luxury vehicles, large boats and private aircraft over $1M.
  4. Restore the estate tax rate to early 1990's levels.
  5. Gas tax. Add a provision to raise the gas tax annually. We need to do this for economic and national security reasons.
In other words, if necessary, support the initiative, but not on the backs of our children and grandchildren.

Best wishes,

Jim

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Posted to Current Events | Elections | Politics | Taxes