[fabsroman]

Let's all keep one thing in mind. It wasn't just the financial institution executives that got us into this mess, but the individual taxpayers themselves that suffered from Greed, Gluttony, Sloth, Pride, and Envy. They financed way more than they could afford while hoping they would be able to afford it in the future, and now they too are looking for a bailout.

Recently, I have been attending some CPE seminars that are required to retain my CPA license. The sentiment from most of the CPA's at these seminars is that the majority of their clients are fiscally irresponsible. They buy new cars every 2 or 3 years, carry balances on their credit cards that they pay interest on, and continue to take lavish vacations while paying all this interest. I have these clients too, and they continue to take these vacations while they are struggling to pay their mortgage and they have $20,000+ in debt. Last tax season, I saw a couple take out a $100,000 home equity loan on a home worth $400,000, so they could pay off $100,000 of credit card debt.

The most equitable thing I can think of to try and get us out of this mess, is a tax cut, and we can include an increase in the EIC while we are at it. It will help out the people that are strapped with credit, and it will reward those of us that were sensible with our credit. Plus, I might be a little more motivated to actually work since I have figured out that 50+% of what I make is going toward taxes, and 56% if we spend it since the sales tax in Maryland is 6%.