Bailout bill or bail out Joe?

Gypsy · 12-05-2008, 18:59

I like how this Congresscritter thinks, THIS is the right kind of bailout. Of course it will probably never happen.

http://gohmert.house.gov/Article.aspx?NewsID=1355

Press Release : FOR IMMEDIATE RELEASE

November 28, 2008

Convert Paulson’s Last $350 Billion into Tax Holiday, says U.S. Congressman

"Billions of Dollars for Taxpayers, but Not One More Penny for Executive Bailouts"

WASHINGTON, D.C. - As millions of Americans are hoping to maximize their holiday shopping budgets on today's Black Friday bargains, one U.S. Congressman is fighting to prevent more outrageous spending sprees by Washington with taxpayer dollars going to executive cronies.

With $350 billion of the $700 billion bailout still available to Paulson pending Congressional approval, a conservative Texas lawmaker is proposing to put that money towards a tax holiday from both personal income tax and FICA tax for Americans during January and February of 2009.

He stated, "By instating a temporary tax holiday, we could electrify the American economy and provide overwhelming relief to taxpayers, all for less than the cost of the current failed Paulson-Pelosi bailout system."

"We need to give this money to the people who earned it. I am sick of Washington millionaires trying to decide which of their cronies should get the next wad of taxpayer money," Rep. Louie Gohmert continued. "Think about how much you would have if you didn't have any social security or income tax withheld from your pay check, or if you didn't have to pay those taxes for January and February! Americans could take and invest their own money where they believe it should go - to paying down mortgages, buying a new car, making credit card payments. The economy would get relief where it is needed the most. Why try to decide how to prevent foreclosures? Just give taxpayers their own money to catch up on their payments. Those in lower income brackets who are hit the hardest by the FICA tax would see huge money back, and then THEY could choose who should benefit from their hard earned money. Even the self-employed and small business owners would receive a fantastic amount of their own much-needed money, and they will be able to invest that back into their businesses and even create the ability to hire more people.”

Gohmert is currently preparing a bill to declare the tax holiday for January and February of 2009 and is also gathering support at the same time. He said, “We can save more home mortgages, increase employment, and boost economic growth for a lower price tag with this plan than with any centralized bureaucratic program, all by giving the power back to the taxpayers. I am demanding that not another penny goes to executive bailouts, but these billions of taxpayer dollars should go to the taxpayers who earned them."

According to American Solutions, a conservative think tank founded by former Speaker of the House Newt Gingrich, Americans pay $101.6 billion per month in personal income tax and $65.6 billion per month in FICA tax. Under Gohmert's proposed plan, all of these taxes would not be paid during January and February of 2009, and the money would stay in the hands of American taxpayers - the ones who best know where economic stimulus should be targeted. Gohmert's two month tax holiday would stimulate the economy while costing less than the remainder of the Paulson-Pelosi bailout plan.

Rep. Louie Gohmert (TX-01) has also recently proposed returning all 2008 income taxes to American taxpayers as a solution to boost the ailing economy, as he believes taxpayers, rather than the government, should be using their hard-earned money to choose the economy's winners and losers.

If you'd like to support Rep. Gohmert's plan and tell Congress to put an end to the government's excessive bailouts, sign the online petition at RedState.com by clicking HERE, or paste https://redstate.kimbia.com/taxholiday into your web browser.

rourke · 12-05-2008, 20:13

One question, without returning the 2008 taxes, how does this plan help those without jobs, being income tax targeted. I'm not referring to the lazy asses that have no intention of working, I am referring to those that have recently been laid off or have not been able to secure gainful employment? I understand that this is not a majority but if this were to go through it would seem to add insult to injury for those unlucky enough to get laid off before such a thing was passed.

GratefulCitizen · 12-05-2008, 22:23

Quote:

Originally Posted by rourke

One question, without returning the 2008 taxes, how does this plan help those without jobs, being income tax targeted. I'm not referring to the lazy asses that have no intention of working, I am referring to those that have recently been laid off or have not been able to secure gainful employment? I understand that this is not a majority but if this were to go through it would seem to add insult to injury for those unlucky enough to get laid off before such a thing was passed.

It helps them by making the lower-paying temporary/transitional jobs more worthwhile.
Some form of work is always available if you're willing to look hard enough.

It also helps them long-term by stimulating the economy and creating permanent jobs for them sooner than would otherwise occur.

It may not be economically egalitarian, but it is likely to be more effective for all and less susceptible to corruption than the alternatives.

There is one major problem with the plan: it would demonstrate that tax cuts work.
The dims would never go for that.

rourke · 12-06-2008, 09:13

GC,
I see your point. If I didn't have a job and this was to go through I think I would try my damndest to find one, menial or not, because as you say a little relief is better than none. As for as economic equality goes, you are always going to have those that cry foul because they do not make as much as the evil rich earn/make and therefore do not get as much of a break. Class warfare is alive and well.

I would love to see this plan go through, I can't imagine actually taking home a full paycheck. One wonders if this were to be implemented, would the "Fairtax Act" (Linder/Boortz) gain any more support?