Who Pays For The Stimulus? Updated
Well come on … who do you think? Oh … and we finally have that “Get Out Of Jail Free” Card. Yea!
Andrew Dubinsky, software entrepreneur and columnist, does the leg work:
I wanted to know who will PAY for the stimulus. I have heard numbers tossed out such as $6,700 per household, but not all households pay the same taxes. Most households pay nothing at all.
Update: Do you know if you are in the top 20 percent of wage earners? Are you in the top 10 percent? Check out our post from October We’re already spreading the wealth around. Find out what your contribution is to the federal treasury!
Oh and while we’re at it … I told you Rangle and Geithner were our “Get Out OF Jail Free” card.
The legislation calls for the creation of what he calls the, “Rangel Rule,” — drawing attention to the recent legal issues of House Ways and Means Committee Chairman Charlie Rangel, D-N.Y., enabling citizens who fail to pay taxes on time to do so later with no additional fees.
Rangel, who writes the country’s tax policies, acknowledged last fall that he failed to pay thousands in real estate taxes for rental income he earned from a property in the Dominican Republic.
As of September 2008 the Harlem Democrat reportedly paid back more than $10,000 in taxes but that did not include any IRS penalties.
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I asked Larson how we were going to pay for this package. He said "with innovation" which I didn't know was a currency. He then took another 5 minutes to explain nothing. I hope I can get the video of this soon, it is stunning.