Posted on 11/30/2008 2:16:43 PM PST by crusty old prospector
Gohmert Proposes Skipping Fed Income Tax
By ADAM RUSSELL Staff Writer
U.S. Rep. Louie Gohmert, R-Tyler, proposed that the U.S. government stimulate the country's economy by collecting no federal income tax this year.
Aside from the hundreds of billions of dollars in bailout money appropriated by Congress and the Senate recently, Gohmert said, total economic obligation has topped $7.7 trillion so far.
Gohmert said, as the current administration continues obligating trillions of taxpayer dollars to bail out failing businesses, a better, cheaper solution to revive the economy would be to suspend collection of the estimated $1.2 trillion the U.S. Treasury will receive in 2008.
"Secretary (of Treasury Henry) Paulson continues his unfettered spending spree and is driving our country further from the core capitalist principles on which it was founded," Gohmert said in a statement. "His and the Fed's bailouts in the past few months have set a dangerous and unmistakable precedent to nationalize or socialize our banking, insurance and investment firms; and now car companies and other industries, states and cities are also lined up with hands out.
"I am proposing that we end the giveaway power of Secretary Paulson and the Fed immediately and declare that taxpayers will pay no 2008 income taxes," he said.
Gohmert said the influx of money back into taxpayer's hands will create a surge in the economy. He said cars will be bought, houses will be built, mortgages paid, credit cards paid off and Christmas presents bought.
The stimulating effects of no federal tax would also provide a tax boon to states and cities that desperately need money to repair and build infrastructure, he said.
Gohmert said he was upset to hear disconcerting reports that some of the banks receiving bailout money will not use it to make more loans or shore up 'troubled assets' but will instead use the money to buy up smaller competitors, basically using tax dollars to monopolize banking.
He said these problems within the bailout signal why direct government intervention cannot and will not work. Gohmert proposes letting people that earn the money, the taxpayers, decide who gets bailed out by buying products and utilizing the companies that are best meeting their needs.
"My idea may sound unconventional, but it is trillions of dollars cheaper than our current course," he said. "My proposal actually relies on our nation's founding democratic principles that made us the greatest nation in the world before anyone ever heard of Mr. Henry Paulson."
Oh, but who will pay for all of the free gift cards to the dolts of this country and their skipped mortgage payments that they are expecting?
How many Carrier Battle groups do the Chicoms have? ZERO...
Anyway, we service our debt with other taxes with this plan. Like I said, the propesed zero income tax doesn’t mean zero federal revenue. On the contrary, there might be an increase in revenue, tarriffs , excise, user fees etc. would increase exponentially. Alas we’ll never find out....
It would teach the world a lesson that America can’t be trusted. They are already pissed at us for freddie mac and a bungled $.
Yes sirree, Bob. Sign me up for one of them refund checks. I have had over six figures extorted from me this year.
I agree, we should immediately end the Temporary Victory Tax implemented in 1941,, as for everything else these are mere symptoms of the disease known as The Federal Reserve Corporation of Puerto Rico.
Eyeamok
A few chinese nukes would make the point.
if we were talking about replacing the income tax with a sales tax (like the fair tax) then that would be a separate debate. But to replace it with nothing and keep spending like drunken sailors? You can’t do that.
I have just a six figure income myself. Well, that’s if you count the .34 at the end!
Good idea.
Cannot be implemented. Maybe with 1 or 2 years advance notice.In the case of some older systems (like the US Government), even that won’t be enough.
You got that right. Also, no more paying your property taxes monthly along with your mortgage payment. Send in the one big check at the end of the year and see people scrambling to come up with the dough at Christmas time. That might get a few people's attention.
Uh, read the news lately? The Treasury printing presses are running around the clock and can't keep up. 700 Billion here, 250 Billion there, ink is in short supply.
The people might develop a habit they'd want to continue.
Good one! Of course you know, The One is going to want the 34 cents as well before too long.
It sounds like a great idea. There is one question: how will the government make up the lost revenue?
Left end of the Laffer curve. The government doesn’t collect anything at 0% and at 100% tax rates. The problem is where to place the tax in between.
I like the “starving the beast” comment, but it doesn’t work that way. I think Reagan was hoping to starve the beast with his cuts, but spending never stopped and huge deficits began.
You can do that if you want to. Most people just prefer to allow the Mortgage Company to handle it for them.
Similarly, I shoot to have as close to zero as possible as my net Income Tax. Many people over-withhold because they want a tax refund, which is merely money they loan to the Government at zero interest.
How quaint, somebody thinks the Govt. worries about making up revenue shortfalls? ROTFLOL! Spend spend spend. There is no connection between spending and income with those people. Come on get real.
Get rid of the Departments of Education, Energy, Health and Human Services, Environmental Protection, etc.... All we need is a military, a few meat inspectors, and some air traffic controllers.
With $53 trillion in debt, balancing the budget is moot. How about cancelling the private publishing company, the Federal Reserve and the debt it created instead?
I’d get rid of the D of Labor first. that doesn’t do anything.
OK, I’ll add them before the etc.. Pretty soon, we will be adding the “Green Corps” to the list.
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