Why Nationwide Tax Day Tea Party?

April 15^th is the tax day, the day on or before which citizens are supposed to be filing their tax returns.

This year's April 15^th is a bit different. People all across the country are planning a "Tax Day Tea Party". This year, the Congress is proposing huge changes to the tax laws that many citizens view as putting us on the road to Karl Marx's "From the people according to their ability, To the people according to their needs". And citizens who see this as an unreasonable and unacceptable way to spend their hard-earned money collected as tax are planning a peaceful gathering at various places in the country on April 15^th and calling it the "Tax Day Tea Party".

What do these citizens not like in the proposed tax policies?

Why should we pay our neighbor's mortgage?

These citizens point out that the mortgage bailout plan announced by Obama is making millions of responsible people bleed through their eyes. Although Obama claims it helps the responsible, they are of the view that it doesn't help any responsible mortgage payer whatsoever; rather it punishes them by making them pay for their irresponsible neighbor's bad decisions. They point out that millions who lied about their income on the mortgage application just to get a mortgage that is way above their means, and millions who irresponsibly took Adjustable Rate Mortgages or Interest only Mortgages without any thoughts about the future, and millions who bought houses or renovated houses well above their affordability levels would get (using tax payer money):

A reduction in mortgage interest rates

A reduced loan payment to a maximum of 31% of their current income

A reduction of the principal balance on their mortgage

A $1000.00 per year cash bonus for the next 5 years for making their future mortgage payments on time

Many responsible citizens don't want to see their hard earned money given away like this as a reward to the irresponsible, while they don't get any help the same way

Out of Control Spending by the Government

These Citizens planning to participate in the Tea Party say that the Budget proposed by Obama adds more to our country's debt than all of the debt from George Washington to George W. Bush, all presidents's combined. They point out that the Congressional Budget office baseline cumulative deficit projection for the "Obama 2010 to 2019 budget" is 9.3 trillion and that this spending is in addition to the 787 billion in so called stimulus package, is in addition to the 700 Billion dollars in Troubled Assets Relief Program, is in addition to the 410 billion dollar being spent in omnibus bill.

These citizens are asking the question "Where is all the money for this going to come from"? They point out that we the taxpayers and our future generation are going to be paying for it. They point out that Senator McCain rightly calls this as "Generational Theft", one that is going to end up mortgaging our children's future even before they are born.

These citizens also feel that the money is being used to bail out irresponsible companies and individuals who should have in the first place filed for bankruptcy, a route designed for such a case. They feel that this money is being used to fulfill democrat's pet projects like socialized medicine, global warming, etc, which is not the need of the hour during an economic crisis.

It is a consensus among them that if the Government really wanted to stimulate the economy, a tax rate temporary reduction (25% for all earning 100000 and more and 15% for everyone else) on all individuals would have been cheaper alternative and would have actually seen the money going to the people who are the consumers of the economy, and stimulated the economy big time.

The people planning on joining the Tax Day Tea Party claim that President Ronald Reagan if alive today would be saddened deeply to see the amount of spending being done, using the money we don't have, using the money we are borrowing from our future generation without their permission, and putting ourselves at insane levels of debt, never seen before.

Reference:

www.taxdayteaparty.com

http://online.wsj.com/article/SB123871911466984927.html

http://www.hawaiireporter.com/story.aspx?1000ddbf-a468-45e8-9222-93295e9c4fff