How much is $700 billion?

[anemone]

* It's a little more than 1/4 of the federal budget, so it will cost you a little over 1/4 your total tax bill

Comments

[caladri]

I think you, like me, got your number from the US population. Is that correct? Maybe check US taxpayers, since that includes some expats and doesn't include, say, children. We should have accurate numbers on how many people pay taxes, right? I mean, that's what the IRS does?

[caladri]

Looks like it's about $15371 per filing taxpayer who has to pay income tax

[anemone]

Edited to include that.

[surpheon]

I think children should be included in the number. There is zero doubt that they will be the ones paying for it as much if not more than current taxpayers. (Well, I assume my daughter will be good for something other than being cute, her current area of overspecialization ;)

[jetspeaks]

Perhaps my departure as a US taxpayer was better timed than I thought. I guess I should take my blessings where I can. ;)

We even get an income tax break in NZ as of October 1, which doesn't make up for the higher income tax at all, but still...

[calliaz]

Yes, but we'll get it all back!

I don't know what the right thing to do is, but this bailout feels all wrong.

[surpheon]

It's economics - it feels wrong when it is working right (the modern world is successfully built on this voodoo) too...

[eviladmin]

Assuming they (Congress, Treasury) don't screw it up - it should not be (much) of an expenditure, as the underlying assets (if correctly priced (don't ask me if it will be)) will be worth about $700B and we should get it back. The interest cost, will however, be real.