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."
But what will we do with all of those IRS agents that will be out of a job for a year? Pick up aluminum cans on the side of the highway?
Love this idea. Love it on all levels. Wish I could vote for Gohmert from MA.
I just called my state Rep’s office encouraging him to support it. Of course, he’s a ‘rat so I’m not terribly optimistic, but I have to imagine this idea will have broad non-partisan support amongst the citizenry.
Let Obama put his money where his mouth is. He’s always saying how concerned he is about forclosures and people being able to pay their mortgages. So, how about just letting us keep our own income so we can pay our bills, hmm? Bailing out the banks does not help people pay their mortgages.
Mr. President-Elect: put up or shut up.
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