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
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.
Eliminate withholding and give everyone their full paycheck including the 7.5% their employer has to pay as well.
DO it for 3 Months and then require everyone to write a check for all their taxes that are usually withheld.
Then Move Income Tax Day to October 31st.
Watch how fast taxes come down.
EVERY taxpayer can take a 12-month hiatus from taxes.
Read a tax form. Educate yourself about the tax deductions you’re eligible for based upon your income, family situation and the fact that it’s really NOT HARD to keep track of your receipts and to itemize on your tax form.
Invest as much as you can in pre-tax dollars such as IRA and 401Ks and medical slush funds at work. Live BELOW your means. Consume less and you won’t be paying in so much in sales tax each year to your state coffers.
And if you’re STILL too lazy to do this, hire a good tax wo/man who will do it for you. They are worth their weight in needless taxes paid!
Most years Mother Government returns a few dollars to me that I’ve accidentally over-paid. I’m human. *SHRUG*
WHY, OH, WHY are people GIVING Mother Government a tax-free loan for 12 months via THEIR hard-earned dollars? WHY do people pay in more taxes than they need to each year?
Mother Government COUNTS on us to be lazy and uneducated. It’s in HER best interest to bleed us dry. Quit letting money slip through your fingers.
1. Because the government would go another $2 TRILLION in debt?
2. No, it wouldn’t. $350 Billion of the money borrowed for the bailout would be routed to the Treasury to use as revenue instead of our paychecks.
3. You are right. The very LAST thing liberals want is for people to control their own lives and money.
Now it seems to me, and correct me if I’m wrong here, that some country was founded on the concept of a permanent tax holiday. What was that place called again?
Income Tax Holiday Proposed in Congress
http://www.associatedcontent.com/article/1262340/income_tax_holiday_proposed_in_congress.html
Tax Holiday for 2009
http://www.gather.com/viewArticle.jsp?articleId=281474977524131
Congressman Calls For Tax Holiday
http://www.thebulletin.us/site/news.cfm?newsid=20211048&BRD=2737&PAG=461&dept_id=638428&rfi=6
These are three of many non-vanity links you could have used.
You can post these articles and then comment in the comment section prior to posting.
Oh no, we cnn’t allow such ‘economic distortions’ (phrase quoted from another thread!)