What is Your Debt Share of $700B Bailout?
About $2,300 per American
About $6,000 per U.S. household
The tally for all the various rescue measures launched by U.S. authorities this year runs to about $1.8 trillion. The $1.8 trillion is equal to:
About $6,000 per American
About $15,500 per U.S. household
Who will pay that back? Tax payers. But wait! We don’t all pay taxes.
As the chart above illustrates, in 2006, the percentage of U.S. tax payers who had a zero tax liability was 32%. That leaves 68% of us to pay back the 1.8 Trillion in debt, which changes the numbers.
BOTH the McCain and Obama tax plans would increase the number of non-payers to 43% or 44%. Heck, lets just round it up to 50%, since we’re talking about government give-aways here.
So the real question is, or ought to be, what is the cost of the bailout per tax paying household?
I’m not a math or accounting guru, but I think, to find the real per household number, we’d take the afformentioned “cost per household” number of $15,500 and simply double it to account for the new tax policies about to come online next year, meaning, if you’re a tax payer, the government just put you and your kids on the hook (or is about to) for $31K in debt.
More on McAin and Obama tax plans.