How much the bailout will cost you!
September 26, 2008
If you have been following the discussions around the proposed $700,000,000,000 bailout (rescue plan, whatever) of Wall Street you may have seen a $2300 cost for every citizen of the US. Of course, only 138 million US citizens pay taxes and the share of taxes is not equal as described in the chart below:
So if you fall into the bottom 50% of taxpayers you will only have to pay 3.5% of the bailout cost - $24 billion spread across 69,000,000 taxpayers - $347.83 each. That isn’t cheap, but it is a far cry from $2300 each. But if you fall into the 25% you will have to pay 83.9% of the bailout cost - $587 billion spread across 34,500,000 taxpayers - $17,014.49 each! Lovely! Of course if you fall into the top 1% of taxpayers you will have to pay 34.4% of the bailout cost or $240 billion spread across 1,380,000 taxpayers - $173,913.04 each. OMG!
So this program isn’t a bailout for the rich, it is a bailout paid for by the rich…
