More Free Money!

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Free Money for Everybody!* (Isn’t it about time they thought of this)

by Bill Sardi by Bill Sardi

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Get yourself a new I-Phone, or an I-pod. Order it today because your “tax rebate” check will be in the mail soon!* Just stick the charge on your credit card because the money is headed your way to pay for your purchase.*

In a distortion of the principle of a government that "of the people, by the people, and for the people (Abraham Lincoln)," the current economic stimulus program now being finalized Congress would provide a tax rebate for nearly all wage earners of at least $300, plus an additional $300 per child, up to a $1200 limit.* A working mother on welfare with three children, who pays no taxes, will receive a well-needed $1200. This is despite the fact the bottom 20% of wage earners pay no tax and the bottom 40% pay 1% of Federal tax revenues.

How can they do this, do you ask? Because the Federal Government just prints more money, with no consideration that it fuels inflation.

Keep the masses happy. Love every politician today! Hey, can’t make your mortgage payment this year when loan rates adjust upwards? Why not petition for a $5000 tax rebate? Call your Congressional representative today, and demand more free money! They’ve been keeping it from us all this time.

*Sorry, no rebate checks for wage earners who made more than $75,000 or $150,000 per couple, who pay the majority of the Federal Income taxes.

Raw Data: Share of Individual Income Tax (in %).

Income Category

1977

1979

1981

1983

1985

1987

1989

1991

1993

1995

1999

Highest 20%

68

67

66

68

68

72

72

72

75

77

79

Fourth 20%

20

20

20

20

19

18

17

18

17

16

16

Middle 20%

10

10

10

10

9

8

9

9

8

8

7

Second 20%

3

4

4

3

3

3

3

2

2

1

1

Lowest 20%

0

0

0

0

0

0

—1

—1

—1

—2

—2

All Families

100

100

100

100

100

100

100

100

100

100

100

Top 1%

20

19

17

20

21

24

24

23

27

29

29

Top 5%

38

37

36

38

39

43

44

42

46

49

50

Top 10%

50

50

49

51

52

56

56

55

59

61

63

Source: Congressional Budget Office, “Preliminary Estimates of Effective Tax Rates” (September 7, 1999)

Postscript: According to MeasuringWorth.com, using the Consumer Price Index, $10,000.00 in 1945 (the year I was born) had the value of $108,500.00 today

Reference: Samuel H. Williamson, “Five Ways to Compute the Relative Value of a U.S. Dollar Amount, 1790—2006,” MeasuringWorth.Com, 2007.

Bill Sardi [send him mail] is author of the new book: You Don’t Have To Be Afraid Of Cancer Anymore.

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