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On behalf of hundreds of thousands of FreedomWorks members nationwide, I urge you to VOTE “NO” on the Domestic Spending Amendment (Amendment 3) to H.R. 2642, the “Patriot Tax” amendment, to be considered as part of the Iraq war supplemental. The proposed income tax surcharge on upper income earners that purports to pay for the increased spending called for in the supplemental bill would more accurately be titled a “Small Business Tax.”
It's kind of hard to argue with the logic shown in the video above. It was produced by Freedom Works, and I couldn't agree with them more. Here is an excerpt from an email they sent to me today:
Last Thursday the House of Representatives voted 266-154 to advance a $300 billion program of taxpayer-financed mortgages to home speculators and their lenders.
During his 1999 bid for the Republican presidential nomination, the New York Times reported that John McCain told a group of college students that there was still a lot he didn't know about global warming. "I don't claim to be an expert on the issue," he said.
That's a brave and surprisingly humble admission from anyone running for national office. But he didn't let that lack of knowledge stop him from spending the next eight years pushing bad policy on the issue.
George Will's got a great column on the mortgage market and the deeply flawed legislation being presented to address it. One point he makes I think has been conspicuously absent from the debate is that there are actually upsides to lower housing prices:
The more Americans learn about the $300 billion taxpayer bailout of reckless lenders and borrowers, the more the opposition and outrage grows.
The Frank plan that passed the House of Representatives last week lets banks cherry-pick the worst loans with the least-qualified borrowers, and shift those loans 100 percent to the taxpayers.
It’s not fair to force responsible Americans to foot the bill for the least worthy borrowers and their lenders.