Stocks and Taxes

According to CNN, 50% of US taxpayers own stocks traded on Wall St-- so, to a not insignificant degree, Wall St actually benefits Main St.

Think of all those 401(k)s, mutual funds , union and other employee pension funds, 521 college plans,insurance policies and annuities, and other retirement and investment vehicles. Some of the biggest players on Wall St are employee benefits funds-- like Teachers, Calpers, Nysters and so on.

Therefore lots of ordinary people benefit from Wall St and I think they are the same people who pay all the taxes.

Why? Because (also according to CNN) 47% of Americans pay no federal income taxes; leaving just 53% who do. In case you are wondering, none of those who pay nothing are the rich, thanks to AMT. By the way, that's why it's so difficult to cut taxes for the 47%; however we still do cut taxes for some of them by actually paying some people who pay no federal income tax. I understand why, but it's just a fact most people don't know.

So when you talk about federal taxpayers bailing out Wall St what does that really mean? Are we, in large part, bailing out ourselves? And just who are those "taxpayers " anyway.

Also what kind of country are we if our "shared responsibility" as citizens at the federal level is participated in by only 53% of our citizens.

Eric