- The Washington Times - Sunday, November 23, 2008

ANALYSIS/OPINION:

I think it’s a shame to “bail out” any of these institutions. I was laid off from my job earlier this year, so my wife and I talked and we discovered that the outgoing expenses each month were going to exceed our income. We made the choice to dip into our 401(k) to prevent foreclosure. Because of my joblessness, we paid off our home just to make sure no one had to bail us out.

The problem is that next year, our wonderful Internal Revenue Service will rob us blind by overtaxing us just for bailing ourselves out and, in turn, eating up the balance of our 401(k). Does it seem fair to award bank executives and stick it to the little person just trying to make ends meet?

Please let the government know that I, for one, can’t stand seeing the little guy - like you and me - pay the extra taxes just for preventing anyone from bailing our own family out. I wonder if they will change the guidelines to help all tax-paying, unemployed Americans out?

TERRY ELLIS

Lewisville, Texas

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