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Obviously, the exact form of the bailout is not clear at this time. However, lets assume for purposes of this questions, that we have (IMHO) a worst-case scenario. 1) Mortgage backed securities are purchased from the present owners at above-market prices, 2) mortgagees are then given significant breaks in principles and interest rates and 3) the market still craters. You, as a prudent investor (no ownership of mortgage back derivatives, or perhaps you have a ton of cash to invest and would benefit from a stock market collapse) and homeowner (affordable mortgage on a reasonably prices home or no mortgage at all), pay the price but do not reap the benefits.
Let's further assume that you run an all cash business and have been scrupulously honest on your tax returns in the past. Would this scenario change how you would do you taxes in the future? For me, the answer I think is yes, if I believed I could get away with it. At some point I believe that I will get tired of bearing the price of the financial idiocy of the rest of the county, and I am not talked just about the most current crisis. Social Security that I will not collect in order to fund people who are collecting more than they paid (Medicare and Medicare more of the same), Unfunded Public Pension, 50% of the population not paying federal income taxes, etc. I have away been pretty moderate, agree with a progressive federal income taxes, etc, but I am starting to get pissed off.
Yes, I am whining if you have not already noticed.
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