Under the plan, all taxpayers would not have to pay income or social security taxes for January and February. You would bring home your entire paycheck for two months. Your employer would save the other half of the FICA taxes he pays for you. This would provide a direct injection into the economy by the forces that matter, the consumer, rather than the governement bureaucrats that couldn't stimulate an economy if they looked like Victoria's Secret models. A tax holiday would have a direct impact on the economy by allowing people to use the extra money to catch up their mortgage, pay off credit cards, start or reinvest in a business, or save it and invest in the stock market which offers some real value right now. It is a great idea and even though its going to be an uphill battle now that almost everyone on capitol hill are leftists, its important to support good ideas. Supporting failing businesses is not a good idea, returning the money to those who earned it is. Boosting the economy should not be a partisan issue!
Thursday, December 4, 2008
Amid the economic illiteracy of Washington D.C. a rational, common sense voice has emerged. Rep. Louis Gohmert of Texas has presented a plan that is a MUCH better use of the bailout funds than the current machinations of Paulson, Pelosi and Reid. His idea is to take half of the bailout money that has already been approved but not yet spent, approximately $350 Billion, and use it for a tax holiday in January and February 2009.