Neal Boortz posted a brilliant idea for economic stimulus from Texas Rep. Louie Gohmert:
Gohmert proposes a two-month tax holiday where the federal government would not collect any taxes from individual Americans. No income taxes. No payroll taxes. You would keep all the money that you earn for two months.
Now this is a statistic that should shock you ... Americans pay over $101 billion in income taxes and $66 billion in FICA taxes every single month. That means that if Gohmert's plan went into effect, there would be over $330 billion in American pockets. That is money that you have earned and money that you can decide where it is spent or saved. You pick the economic winners and losers with your money - the government doesn't get to do the choosing for you. The government can't use it to pay executive salaries for failing companies or subsidize failing UAW contracts. The government won't spend $50 million just to send every American a letter saying that their pithy "stimulus" check is on the way. That's it ... you just stop all federal taxes for two months.
Will it cost us anything? Well, no more than has already been pledged in the bailout bill. There's $350 billion left there ... this would eat up most of it.
Gohmert says that this will create a surge in the economy because more people will have the money to buy cars, build homes, pay their mortgages, pay off their credit card bills. It would even help the states that are currently lined up at the federal government bailout trough.
One thing for sure. Politicians won't like it because this would allow the people to clearly understand just how much money the federal government is seizing from their paychecks every week. After the two month holiday, when withholding kicks in again, there might even be something akin to a tax revolt! The only way this would work is if came from the ground up .. that means the voters up. Let your congressman know how you feel.
Wouldn't you like to get two months of what you actually earn without it being given away to deadbeats by elected deadbeats who supposedly work for us?