No matter who wins this election, the American people are in for it. Neither candidate can truly claim that taxes will be reduced. How can the Treasury borrow $700 billion from American taxpayers without a subsequent raise in taxes?
Under what law, what power, what authority can Congress take this money and hand it to the very people who have screwed this up to begin with?
I would like to hear from a tax attorney who is willing to file a class action suit against each and every member of Congress who voted for this, pro bono of course. Every American should be outraged that the treasury is being emptied by those currently in power.
The Founding Fathers rightly worried that taxes would lead to corruption in government.
Hank Paulson is head of the US TReasury Department. His actions have consistently favored the rich and blamed the current economic woes on social security, medical programs, and mortgage loans to those who could not afford them. Fingers pointed directly at the middle class. Yet Paulson, and Congress, were live wolves on a sheep to eliminate the estate tax on all but the richest Americans.
How about reducing tax shelters, tax loopholes, off shore accounts, and strengthen Sarbanes-Oxley? Nope, instead he and the administration push through $700 billion to buy bad debt from all of Paulson's buddies. He has claimed that the banks will probably over inflate the value of their holdings, then sell them at over inflated prices. Won't this bring us right back to where we started? Then he and the administration will come calling again for more dollars. Only this time it will be the Democrats who get blamed. And around and around we go, where it stops nobody knows!