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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."
Mine, too. I mean it.
Precisely, however it is pretty much like that now (but the corrupt IRS tax system gives it a vineer of stability because of the unknowing public 90%)..
How about cutting non-defense-related spending by 1.2 trillion dollars a year and make the tax-elimination permanent? Government, by its very NATURE, cannot deliver REAL value to anything.
I’m all for dramatically cutting spending and taxes but that’s not what this proposal is about. This is the same old cut taxes but spend and borrow even more.
you have to balance the budget. Cut spending and permanently cut taxes to grow the economy.
A tax holiday won’t grow the economy because we’ll just have higher interest payments and higher taxes after this is over. We also wouldn’t be able to defend the country from any crisis.
>you have to balance the budget. Cut spending and permanently cut taxes to grow the economy.
That is true, but you can’t “balance the budget” like they do in Congress; they need to go back to the Rules of Basic Economic Stability:
1) Do NOT spend money that you do not have.
2) Do NOT live beyond your means. (Do NOT spend more than you make.)
3) Repay your debts quickly. The borrower is servant to the lender.)
4) Consider the cost of a purchase.
5) Do NOT risk what you are not willing to lose.
Are you single? ;)
Oh crap, I'm not. Forget that question! LOL!
This is a bailout that would actually work.
I can't think of one good reason to do that.
The same way it happens at my house - cut spending.
On thing a tax holiday on withholding would do is once and for all show the individual how much money is really being taken from them in taxes. Most people just look at there net, but now there net would be there gross, except for insurance and 401k contributions.
I don’t defend the high rate of taxation. Cut taxes, cut welfare spending and balance the budget.
But to have zero taxes, have the govt go broke and then we end up in super debt and possibly even default? hell no.
“The same way it happens at my house - cut spending.”
this plan doesn’t do that. It’s keynesian stimulus and all temporary.
OUTSTANDING IDEA!!!!
Seriously, what an excellent idea. Do it one time, and let it ride.
It is SO MUCH BETTER than handing this assholes TRILLIONS of dollars we are NEVER going to see again.
I could do A TON with $30,000.
You also have to think about the future. You can’t just say you balanced the budget this year by plugging a few holes when you know you’ll have an enormous deficit 5 years from now because you didn’t want to deal with medicare.
Rules #4 & #3. Consider the cost of something, be quick to pay your debts together means that you know how much something will cost, plan for it, and act accordingly.
>> 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.
Some call this ‘brain storming’.
“Yep, I have voted for him three times myself.....”
You could have...if you’d registered Democrat....
OK, let me clarify. Three times in three separate elections two years apart. There, I wouldn’t want to be accused of being a Democrat.
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