In the fall of 2008, and then again in early 2009 (TARP), Wall Street received a bailout. Our elected officials lied to us. They told us if we bailed these banks and insurance companies out, our economy would not collapse. But that’s not where the lies started. Our economy collapsed anyway, true, but more importantly, our elected officials told us repeatedly that this was a one-time tax, that taxpayers would take it on the chin this once and then our economy would bounce back and happy days would be here again and all the other fluff.
How was that a lie?
Unless you are a politician, and big-time banker, or wealthy, you’ve been paying for Wall Street’s “mistakes” for the last three years. Yes, I know, it hasn’t been three years since we bailed them out. However, when you factor in that the economy was already crashing before we bailed them out, and that sometime in March or April of 2008, it became clear that certain insurance firms and banks had made bad bets and were going to need massive life support, then it’s been three years.
How have we paid? I’ve paid higher taxes. Some of you have, too. My State taxes went up in 2009 and 2010. Due to budget shortfalls in my state, many companies “asked” their employees to take pay cuts. “Asked”? As if. More like, “take it or leave it”. Across the nation, the Middle Class has suffered repeatedly for Wall Street’s indiscretions; in essence, we’ve been taxed, re-taxed, and then taxed some more, just in case they didn’t get enough the first few times. From jobs lost, to massive unemployment; from wages being cut to benefits lost; Americans have been taking it on the chin for three years, and there’s no end in sight.
How many of those banks and insurance companies that were bailed out saw a tax increase? We know from the News that Bank of America had zero tax liability for 2010, so, nope, they didn’t have their taxes increased…but I’ll bet bonuses for their top earners were phenomenal. How about major investors? How about the guys who make almost ALL of their money through Capital Gains? Did they see a tax increase? As much as anyone, these traders and Mutual Fund managers were responsible for the get-rich-quick- or kill-the-American-economy-trying schemes that brought us down. Did their taxes increase? Ask your local Republican or Democratic representative about that. You know the answer as well as I do. How is it possible that a guy like Warren Buffet has a lower effective tax rate than his secretary? Really? Really???!!!!
Why is his secretary being taxed repeatedly for sins she didn’t commit? Why are we?
Why are we taking it? Taxed enough already? TEA, anyone? As in TEA party?
In 2010, the Tea party played an important role in the fight over health care reform. But they are set against the folks in Madison who are feeling taxed enough already for the economic mess we were left with. I’ve been taxed repeatedly for it. Families have lost their livelihood, and if or when they go back to work, they go back earning much less than they did before. The common American has given until he bled; there’s no more to give. Yet Republicans marvel at recent polls which “suggest” that maybe protestors in Madison Wisconsin aren’t as “Liberal” as we thought they were. Maybe many of them are just Taxed Enough Already. ?