What are we bailing out?

Ok, just to add my voice to this, what are we bailing out? The news stories are getting filled with lots of weird things added to this bailout package. I'm thinking we've got 100 billion worth of bailout, and the rest is fluff. This is time for a short to medium (3months-3years) government intervention. This is not the opportunity to go so far into debt as a nation that we'll never get out. Unless we already are.

On that note, I'm all for tax cuts. Believe me. Once upon a time, Ray Stevens sang a song "If 10 percent is good enough for Jesus, it ought to be enough for Uncle Sam." I'm with Ray. Want to give the poor a break? Sure, exempt the first $40,000 from it. Then, everybody pays 10%, all income. No deductions, no exclusions. Make less than 40k? No taxes, no tax refunds. Period.
What would this mean? I'm not an economic expert, so I don't know if that's enough income for all the Federal government does. It's enough for all they should do. Let the States handle the rest.

Back on task, why the rail on tax cuts? If you don't pay any taxes, you don't need a tax cut!!!! I, for example, am at an income/kid combination that I pay no income tax, thanks to the various tax cuts and quirks of tax law. And I can't imagine how much less I would pay if I had an accountant/tax attorney to help me find more loopholes. So, much as I might love the $1000 refundable credit/tax cut in the stimulus package, wouldn't it make more sense to actually cut somebody else's taxes? Like the folks in church who are trying to put kids through college, but couldn't get need-based aid, not because of income, but because of assets, since they don't have a mortgage, but do have a house? Not a lot of income, not too little, but a little tough to pay for 2 kids in school? Maybe they could take that $1000? How about some retirees who have paid taxes for a long time? Maybe so?

Anyway, I don't think all this government intervention is good. I am also not an economic expert, but the 'economic experts' that are crafting these bailout plans are some of the same leadership folks that got us into it? Including our new Treasury Secretary, who couldn't even figure out the Income Tax code?

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