Posted by
Jim Hunt on Thursday, December 04, 2008 8:00:00 AM
Much of the Washington talk these days is about bailouts and stimulus packages and how much of our money (that is yours and mine) the government is going to give away to banks, insurance companies, car companies and everyone else who shows up hat in hand to beg at the government trough.
Congressman Louie Gohmert (R-TX) has a simple idea, so simple that it will be difficult for the congresscritters and other elites to accept. Congressman Gohmert proposes that a “tax holiday” be declared for January and February 2009. During those months all federal income taxes (including FICA) will be suspended, all income earned during that period would be free of federal tax. He proposes to “pay” for this holiday by returning the approximately $353 billion remaining in the TARP funds (the big financial bailout fund) to the treasury. The “lost” income to the government due to the tax holiday would be approximately $330 billion. So the net of this is a gain of $23 billion to the treasury.
In fact of course it would be much more than that. The average family earning $50,000 a year would see a savings of approximately $2,000. By putting that $330 billion back into the economy we would see a true stimulus with additional savings, investment and spending by consumers.
It is time for all of us to call our congress-critters, senators, newspapers and talk radio shows. Let them know that it is our money. Let them know that we can make far better use of it to rebuild our economy than the government can. Demand that congress pass the Gohmert plan.
Over fifty-seven million people voted against Barak Obama. Congress does listen; the McCain-Kennedy immigration amnesty bill would have passed had the people not told Congress to stop it. A poll out yesterday shows that 61% of the people oppose bailing out the auto industry. How many people might take that $2,000 and use it as down payment on a new car? Let the market decide what industries should survive. Please, call your representatives TODAY. Let your voice be heard. If we all stand up, they will notice.
God Bless America