HarpBlaster.com News Wire
WASHINGTON — A Republican 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, Rep. Louie Gohmert, a conservative Texas lawmaker, is proposing to put that money toward a tax holiday. Under the holiday, taxpayers would not have to pay either their personal income tax or the FICA tax.
The tax holiday would be January and February 2009.
“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,” Gohmert said
“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,” he added. “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,” Gohmert said. “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 said he is preparing the bill.
“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,” he said. “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 2009.
The money would stay in the hands of American taxpayers — the ones who best know where economic stimulus should be targeted, the Congressman said. Gohmert’s two month tax holiday would stimulate the economy while costing less than the remainder of the Paulson-Pelosi bailout plan, he says.
Gohmert 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.