Americans, Get Ready for an Enormous Tax Bill
Aaron Task
Yahoo Finance
October 19, 2008
- A d v e r t i s e m e n t
“America’s economy is facing unprecedented challenges. We’re responding with unprecedented measures,” President Bush declared in a press conference Friday.
Bush, of course, was speaking of the government’s coordinated efforts to tackle a financial crisis that has roiled global markets and brought down venerable financial institutions.
“These measures will require us to put a significant amount of taxpayer dollars on the line,” the President added.
Ah, yes. There is no free lunch. Just how significant an amount of taxpayer dollars remains unknown, but it’s going to be massive.
Estimates of the proposal to let the government buy bad assets from banks range from $500 billion to $1 trillion — and that’s in addition to costs already incurred for various government actions this year, including, but not limited to:
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