Bill gives taxpayers stock in troubled auto giants

Washington Times ^ | June 6, 2009 | S. A. Miller

[libstripper]

A Republican senator wants taxpayers to get their share — literally — of the federal government's takeover of two of the nation's biggest automakers.

Sen. Lamar Alexander of Tennessee, chairman of the Senate Republican Conference, is introducing a bill that would require the government to distribute stock in General Motors and Chrysler LLC to each individual taxpayer.

[libstripper]

This is really a brilliant way to prevent GM and Chrysler from becoming "Government Motors." If each taxpayer gets a number of shares he or she can sell or vote as he or she chooses, that would quickly eliminate the Government's participation in and control of the companies. The new individual, private shareholders could then elect a board devoted to their interests as shareholders that, in turn, would select proper corporate officers who were not beholden to Obama and didn't have the massive conflicts of interest the present board members will have. Those officers and the new board could then run the business or sell it as they chose.

[DoughtyOne]

It’s an interesting premise.

[Man50D]

Sen. Lamar Alexander of Tennessee, chairman of the Senate Republican Conference, is introducing a bill that would require the government to distribute stock in General Motors and Chrysler LLC to each individual taxpayer.

How about addressing the real problem Senator that confiscation of private enterprises by the executive and legislative branches of government is unconstitutional!

[Paleo Conservative]

Don’t hold your breath.

[K-oneTexas]

And your dividends will be taxable.

[annieokie]

you see dividends in this? lol

[avg_freeper]

If each taxpayer gets a number of shares he or she can sell or vote as he or she chooses, that would quickly eliminate the Government's participation in and control of the companies.

Yes, in the same way that "Democratic elections" would prevent the overthrow of the Republic by some amoral Stalinist twit from Kenya.

Oh, wait ...

[Logical me]

King Obama and his corrupt gang would never let this happen. It would defeat some of his Communist control of America.

[K-oneTexas]

If you do ... they are taxable!

[meyer]

Nice gesture on Lamar Alexander’s part, though I’m certain that it will fail in the leftist house and Senate. I’m not sure it would have passed with Republican majorities either, given all the RINO’s in Washington these days.

[upchuck]

If you do ... they are taxable!

And?

If you're paying taxes that means you made a capital gain. What's wrong with that? I'll take all the capital gains I can get.

[Stentor]

You could decoupage a coffee table.

[polymuser]

Yep.

[umgud]

The gov't, not the taxpayers, own GM/Chrysler/AIG/etc. We just pay the bills, debt.

[SVTCobra03]

This maybe the only way we are going to get a Z-28 with a 600hp LS9.

[freekitty]

I agree with you.

[kitkat]

Good for Lamar Alexander. He’s calling attention to the greed and stupidity of Obama’s plan. It won’t pass, but I’ll bet his group had a lot of fun writing the bill. And it might just wake up some liberals.

[buccaneer81]

Here's the view from a typical post at DU. These people are truly our enemies:

MurrayDelph (993 posts) Fri Jun-05-09 03:54 PM Response to Reply #5 6. Also, as majority stockholder the US can lean on the management to make them make fuel-efficient cars, and not let the day-to-day management take excess bonuses. By giving the stock to each citizen, we dilute our power.

[buccaneer81]

You are so right. See my post # 18.

[K-oneTexas]

You have read more into my answer than I typed. All I meant to say was that the dividends (if any) would be taxable. Just trying to add a piece I though was missing.

It was just a statement in response to the filing of the bill to give all Americans a share of stock. It was also meant to say that dividends are taxable. Nothing more.

I am not against paying taxes and I pay my fair share even though I am not working right now. I already get dividends and other income that is taxed.

This would also play right into the President’s hands in getting more tax dollars into the Treasury. More income ... more tax. Do this and maybe raise the rate of tax and other things being discussed in Congress.

That doesn’t solve the problem of the Fed constantly printing more money. That doesn’t solve the problem of overspending. It doesn’t solve the problem that our government is driving us into the poor house.

[libstripper]

"Here's the view from a typical post at DU. These people are truly our enemies:

" MurrayDelph (993 posts) Fri Jun-05-09 03:54 PM Response to Reply #5 6. Also, as majority stockholder the US can lean on the management to make them make fuel-efficient cars, and not let the day-to-day management take excess bonuses. By giving the stock to each citizen, we dilute our power.

Great reply. It shows exactly why Lamar has a great idea and that the libs want to cartelize the whole auto industry with this grab, and other, more sinister, things to come.

[count-your-change]

Someone wants to give me a race horse, fine, but I’d like one without the vultures feasting on it.

[cranked]

I'll be waiting for my GM stock options....not.... Besides, I would dump them as soon as received, if I did actually receive some. =.=

[Irish Eyes]

How about just paying the Bond Holders!

[ZOOKER]

Obviously this bill will never see the Senate floor. Dems will assure it dies in committee.

Alexander knows this,so what's the point? IMO it's foundation material.

Obama bought GM in YOUR name, using YOUR money, and you can't have your "fair share" of it. BO's no different than a thief, stealing from your children and keeping the proceeds for himself (and his cronies).

It should resonate with the masses, given enough time and publicity. I bet Rush and Hannity run with it.

[Right Wing Assault]

They should send everyone one of those cool old-fashioned stock certificates. I would tell how many cents the share is worth.