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."
That’s my congressman, one of the last Conservative ones left.
Yep, I have voted for him three times myself.
Mega-bucks in my pocket ping! (Mega to me at least.)
“Starve the beast”
How about this idea: balance the friggin budget
doesn’t work. We need to cut spending.
Excellent idea! I love Judge Gomert! Let those that earn the money keep it...although, I doubt politicians in Washington will go for that, since it prevents them from doling it out to their cronies buying favors and votes for themselves
I suggested that McCain propose a total federal tax holiday (instead of just a gas tax holiday) for 6 months or a year as part of his campaign. It might have resulted in his election.
I have no doubt this proposal would go a long way toward fixing America’s and the world’s economy if implemented.
If it didn’t happen under the Compassionate Conservative, I will guarantee you that it won’t happen under the Compassionate Communist.
can you tell me what is conservative about destroying America’s credit rating?
Can you tell me what’s conservative about income taxes?
holidays are gimmicks. We need a permanent lowering of taxes (at least keep the Bush tax cuts from expiring), not a temporary abolition of taxes.
Even with no income tax the federal govt would still probably make the same revenue due to excise and indirect taxes, of which would grow huge because of much increased economic activity. Throw in some tariffs on chaep walmart crap and you have a winner.
oh believe me you’ll get a major tax increase after this ‘holiday’ is over. The interest on the debt will skyrocket.
I don’t disagree with you there. However, income taxes, or should I say government sponsored extortion, should be elimintated permanently.
ok so we’ll default on the debt that we owe China AND we’ll sock them with tariffs. Say goodbye to Taiwan and hello WW3.
Actually, a one year income tax holiday would teach an enormous lesson to the public -- when people realized how much money was absorbed by government they would be much more likely to support future tax cuts.
well, you’d have to replace it with another tax system unless you expect people to voluntarily donate to the govt. That will only happen when govt delivers real value with all the money it spends.
I don’t see how this helps for 2008. Hasn’t the federal government already collected most of that money through witholding? And then folks get to apply to maybe get some of it back? I know that’s not universally true, but wouldn’t it be mostly the case?
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