The We Deserve It Dividend
As Congress tries to finish writing the AIG bailout bill so they can pass it and prevent economic disaster, you may have received an email about the "We Deserve it Dividend," or heard people discussing this idea. (For instance, I heard it as a topic of discussion on a local radio station.) In principle, I actually agree with this email because even though bailing out AIG will help keep the economy "stable," it doesn't do anything to help the people who were allowed to take out these bad loans and mortgages, lost their homes, and have their credit damaged for the next 7-10 years. I firmly believe that the people who were hurt from these businesses' mistakes should be helped.
But I do have a few caveats. For instance, why share the money with every American over the age of 18? Surely there could be a cut-off, so those (few) individuals who make more than--let's say--$150,000 a year, are not included. I mean, if you're making over 150k and you still have lost your home, then I have a really hard time feeling sympathy for you. The poverty line in the continental U.S. is $10,500, so if you're making $150,000, then your income is about 14x more than the 36.5 million people (approximately 1 in 8 Americans) who are living below the poverty line. In fact, when you put it like that, I feel like those individuals making between 100k and 149,999 are pretty damn greedy if they get some of this "we deserve it dividend." But, let's say that all U.S. citizens who were 18 or older on their 2007 tax returns and made less than $150,000, would be eligible for this dividend. (Sorry John McCain, you wouldn't be eligible.)
The email I saw for this idea gives a lot of numbers, and I math is not my strong suit, so I'm going to avoid giving concrete numbers. But something I agree with is if we all get this dividend, it's considered income, and we all pay taxes on it (I think we should just pay the taxes off the top, so people don't have to worry about having enough money to pay in on their next tax return, but that's just me). But, however much that ends up being for each individual, it would be a lot of money, which would give everyone a chance to pay off their mortgages, credit cards, misc. loans; those who already lost their homes, would be able to purchase a new home with cash; people could buy food, gas, and maybe could afford some nonessential consumer items, which would stimulate the economy.
And, as an additional crazy idea, there could be some kind of package attached to this money where you get additional tax credits (on top of the standard ones available now) for using some of this dividend to make your home green or for trading in your current car or purchasing a new car for something greener (i.e., hybrid, electric).
I think we do deserve this money, and not those louses who have hurt so many Americans. Although, unfortunately, if the "we deserve it dividend" did come true under Bush's reign, I think that would almost be worse.
But I do have a few caveats. For instance, why share the money with every American over the age of 18? Surely there could be a cut-off, so those (few) individuals who make more than--let's say--$150,000 a year, are not included. I mean, if you're making over 150k and you still have lost your home, then I have a really hard time feeling sympathy for you. The poverty line in the continental U.S. is $10,500, so if you're making $150,000, then your income is about 14x more than the 36.5 million people (approximately 1 in 8 Americans) who are living below the poverty line. In fact, when you put it like that, I feel like those individuals making between 100k and 149,999 are pretty damn greedy if they get some of this "we deserve it dividend." But, let's say that all U.S. citizens who were 18 or older on their 2007 tax returns and made less than $150,000, would be eligible for this dividend. (Sorry John McCain, you wouldn't be eligible.)
The email I saw for this idea gives a lot of numbers, and I math is not my strong suit, so I'm going to avoid giving concrete numbers. But something I agree with is if we all get this dividend, it's considered income, and we all pay taxes on it (I think we should just pay the taxes off the top, so people don't have to worry about having enough money to pay in on their next tax return, but that's just me). But, however much that ends up being for each individual, it would be a lot of money, which would give everyone a chance to pay off their mortgages, credit cards, misc. loans; those who already lost their homes, would be able to purchase a new home with cash; people could buy food, gas, and maybe could afford some nonessential consumer items, which would stimulate the economy.
And, as an additional crazy idea, there could be some kind of package attached to this money where you get additional tax credits (on top of the standard ones available now) for using some of this dividend to make your home green or for trading in your current car or purchasing a new car for something greener (i.e., hybrid, electric).
I think we do deserve this money, and not those louses who have hurt so many Americans. Although, unfortunately, if the "we deserve it dividend" did come true under Bush's reign, I think that would almost be worse.
posted by Christy at 4:04 PM
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