Rep. Louie Gohmert's Bail-out plan

[rholland]

Washington is dizzy with a bad case of bailout fever. Hundreds of billions of dollars have been dispensed by Treasury Secretary Hank Paulson without apparent success in reviving the financial markets. Now one Texas conservative is challenging Congress and the White House with a common-sense plan that is much more likely to help our economy recover more than bank bailouts or any handouts to carmakers.

Rep. Louie Gohmert (R-Texas), a member of the conservative House Republican Study Committee, proposes to use the $350 billion left of the $700 billion bank bailout to fund a two-month tax holiday that would put money in the pockets of American taxpayers.

Gohmert is a work horse, not a show horse. He went to Texas A&M on an Army scholarship and then to Baylor Law School. He served in the Army JAG and practiced law, eventually becoming a judge and then chief justice of the local appeals court. Elected to Congress in 2004, he’s not been in Washington long enough to be entirely jaded.
Most Americans were opposed to the bank bailout last fall, and neither they nor the markets themselves have confidence that any of the bailouts or “stimulus packages will work. They will have confidence in Gohmert’s plan because it is an economic stimulus that has been proven by history: tax cuts mean more spending, saving and investment. They pave the way to economic recovery. Government bailouts do not.

Gohmert’s tax holiday plan is elegant in its simplicity: every American taxpayer would pay no federal income or FICA taxes for the first two months of 2009. For the typical American family -- earning about $50,000 a year -- that would mean they would keep about $2000 that would otherwise be paid to the government.

Gohmert’s plan doesn’t pay for Wall Street bonuses or let banks use bailout money to buy other banks or pay dividends. It doesn’t rely on bureaucrats to pay money out to the right people at the right time or try to stimulate the economy with token payments to people who don’t pay taxes.

Most Americans pay about 25 percent of their income in federal income tax and another 7.25 percent in FICA (social security and Medicare taxes). Computing how much money Gohmert’s tax holiday would leave in your family’s checkbook is very simple.

Take your monthly income (the gross amount shown on your pay stubs before tax and any other withholding) and multiply it by .66. That amount is roughly what Gohmert’s two-month tax holiday will leave in your pocket.

According to American Solutions -- Newt Gingrich’s group -- Americans pay over $101 billion in income taxes and another $65.6 billion in FICA taxes each month. Under Gohmert’s plan, all of that money would -- for two months, totaling about $332 billion -- be left in voters’ pockets to spend however they choose to meet their families’ needs.

[TITAN Pro-4X]

I hope they get out of this bind..

[HRTKD]

Originally Posted by TITAN Pro-4X

I hope they get out of this bind..

They? We're the ones in a bind. If you expect the government to solve your problems you're in trouble. Tax holiday? Sounds like fun! Corporate bailouts? Yech!