Posted on 12/02/2008 2:09:40 PM PST by SerafinQ
There is a proposal by the congressman from Tyler, TX, that would give Americans a break from federal income and social security taxes for the first two months of 2009.
Of course, I support any tax cut. However, there are a few things to think about here:
1. If two months without income taxes is a good thing, then why not 3 months, or 6 months, or a whole year...get the picture?
2. Cutting the SSI contributions for 2 months will accelerate the insolvency of the social security "entitlement". Although I am for the dismantling of this welfare program, I think that care needs to be taken so as not to lead to a crash of the system for the elderly that depend on it.
3. The liberals will oppose, obviously, because the tax breaks would take the money away from their corrupt buddies in corporate America and leave it in the capable hands of the people. Also, they know that if Americans get a taste of how much they would take home without federal taxes, there will be plenty of folks out there that will finally figure out how much the government takes from them.
It can’t be implemented. Maybe with a year or 2 advance notice 50 or 60% of companies could do it. Many huge companies and governments would need 5 years
DO IT - I would clean out my 401(K) so fast, it would leave a skid mark...
Too many sole proprietors in the mix. Just cut the damn tax rate.
The real point of this is to highlight just how much money we are giving away with these bailouts.
350 billion is just a number, too hard to comprehend. Every penny of taxes paid by everyone for two entire months! That’s something people can understand, and what the understand is that is an enormous (and unreasonable) amount to be giving away.
Put all your energy into cutting spending Congressman. This is just a gimmick.
A two month tax holiday would do very little. Sure, it would put more money in people’s pockets. but it wouldn’t change long-term economic behavior, since everyone knows things would be back to normal soon. To solve the real problem out there, we need sound capital investment, and that takes a while to get under way, especially when funny money is keeping bad investments afloat.
Tax holidays accomplish about as much as tax rebates. That is, nothing. Remember how much you life changed the last time you won twenty bucks in a game of BINGO? That’s about how the economy feels when we get rebates.
The most positive effect of a temporary tax holiday would be to give people a much clearer indication of how much money is being siphoned off their paychecks before they even see them.
I would like to add to this . . that Congressman Gohmert voted AGAINST THE BAILOUT .
That’s my Congressman and there are more Conservatives like him everywhere . . . but like the Iraq war . . . they go unreported . . but Fox DID interview this Guy over the weekend on this proposal.
Give Americans a Bailout and watch the recovery happen.
I agree that it would be to soon to get going in the first couple of months, but it can be done for spring sometime.
unfortunately, I don’t think this proposal would cut taxes on your 401K withdrawl :(
They don’t need a year to implement that. Just switch all your employees over to having 40 dependents for the tax holiday. There’s a bit of data processing to keep the old stuff around, but it’s not a year long implementation, unless the company is run by complete morons.
They would also benefit from the cut in the SSI tax
Also, the bailouts are not just giveaways, they are giving away money that they are taking from us by threat of force. At least a tax cut is not a giveaway...its just the feds stealing less from us than what was planned.
Cutting spending is equally important as cutting taxes..both must be done to save our nation from collapse
When the government takes our money and supports bad companies, then they only put of their inevitable failure and take profits from the otherwise successful companies.
Though a rebate or tax cut, consumers funnel their dollars to “good” companies so that those companies can make capital investments.
This is called capitalism.
That is exactly correct. I included that in my 3 points for the very reason you mentioned.
props to Gohmert for the tax holiday proposal and for his fight against the bailout! Hannity and Ginrich also suppor this plan.
Remember Bush41 used an executive order to change the witholding tables..that was inplimented pretty quickly..this would be pretty much the same accounting procedure. You are correct, it can be done fairly quickly.
“the amount a $50K/year earner would keep is an additional +/-$2,000. Then the consumer gets to decide which companies deserve their money and survival of the fittest companies is maintained.
When the government takes our money and supports bad companies, then they only put of their inevitable failure and take profits from the otherwise successful companies.
Though a rebate or tax cut, consumers funnel their dollars to ‘good’ companies so that those companies can make capital investments.”
That’s all true. It’s just not that much, especially given what the Treasury and the Fed are up to. It wouldn’t make much of a difference, and in my opinion absolutely no time should be wasted on advocating it so long as we can spend our time arguing for permanent cuts.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.