Tax holiday bill picks up steam

WorldNetDaily ^ | 12/14/08

[Sammy67]

No other stimulus provision will be as immediate and as effective,' says small business lobby

Posted: December 14, 2008 10:51 pm Eastern

© 2008 WorldNetDaily

WASHINGTON – Big business bailouts and "economic stimulus packages" are all the rage in the Capitol these days.

Most involve massive transfers of wealth from taxpayers to government-directed projects.

But a new and very different bill, proposed by a heretofore little-known congressman from Texas, is gaining traction from Republicans – and even a few Democrats, according to the sponsor.

It's called "the tax-holiday plan." And one version of it picked up support from the National Federation of Independent Businesses, the nation's largest small business advocacy organization over the weekend.

"If Congress wants to jumpstart this economy, they need to do something to help small business owners gain confidence that now is a good time to grow their businesses and create new jobs," said Dan Danner, executive vice president of the NFIB. "Passing a six-month payroll tax holiday would do just that by putting more money in the hands of small business owners to invest in their business and by giving employees more

[MrB]

Oh, they’ll never allow it to happen, for your reason, of course,

but for the bigger reason that once the working public sees how much they COULD be taking home without the gov’t confiscating it before they even see it,

they will revolt when the holiday is over.

[Sacajaweau]

401k's was a government sponsored savings plan....These people have been rocked by the market.

People aren't going to be very quick about putting their money anywhere except into insured accounts or under the mattress....and when you have raw "extra cash"...you just like to watch it stay there. It's a feel good thing.

[Sacajaweau]

401k's was a government sponsored savings plan....These people have been rocked by the market.

People aren't going to be very quick about putting their money anywhere except into insured accounts or under the mattress....and when you have raw "extra cash"...you just like to watch it stay there. It's a feel good thing.

[PghBaldy]

“Cept they would be lying by saying tht, or hypocrites. They always say poor people pay FICA/SS/Medicare, even if theydont pay income taxes. Everyone working supposedly pays these taxes.

[adorno]

"Passing a six-month payroll tax holiday would do just that by putting more money in the hands of small business owners to invest in their business and by giving employees more of their own money to spend wherever they see fit."

Hmm. Sounds very close to my idea from 1 1/2 weeks ago: http://www.freerepublic.com/focus/news/2143373/posts?page=41#41

The only thing that can break us out of the tailspin we're on is to cut taxes and spending drastically. Taxes should probably be cut to perhaps 10% for individuals and businesses, and new businesses or startups should probably be taxed at about 5% or nothing until they've established themselves and have shown growth for at least 2 years. Those moves alone would spark the greatest recovery ever in any economy. Spending should be frozen and unnecessary programs should be cut or eliminated altogether.

Cutting taxes and spending would do far more for a recovery than bailing out businesses and taking the country towards higher debt and ruination. It's the only thing that will work.

Seems like those people in congress are borrowing, free of charge, many of the ideas from Free Republic. Perhaps we should be running the country. Now doubt, we could do a much better job than those in charge now.

[adorno]

Democrats will never go for this proposal, since there is no part of it that can be used to directly redistribute government funds to their supporters.

Thre is no such thing as "government funds".

[adorno]

A permanent tax holiday plan has been before Congress since 1999 and gaining momentum.

The fair tax idea is dead. For a few years anyway. The country has actually gone backwards in the last 2 elections cycles.

With democrats in control of both houses of congress and of the executive, it will be many years before the fair tax has any chance at all to even be discussed.

The fair tax is to democrats as sunshine is to vampires.

Before the fair tax has any chance at all, we need to regain control of congress with enough republicans and perhaps even a bunch of libertarians. And even when we regain control, we need to have super-majorities in order to get any significant programs passed, not to mention the fair tax.

[wastedyears]

It’s a goal of mine to buy my first used car, something I’d like, in cash.

[RayChuang88]

Actually, under FairTax, you're going to see enormous competition for various savings plans because of the very fact people can now save and invest without the IRS taking a bite out of the savings or investment account. We'll have a situation where banks and financial institutions are going to be throwing a lot of freebies at you to put your money there, just like it was some 45 years ago.

[RetiredArmy]

Now it will be bailout USA day.

[Man50D]

The fair tax idea is dead. For a few years anyway. The country has actually gone backwards in the last 2 elections cycles.
I don't know how you define "backwards" but The number of Fair Tax cosponsors has increased with each session fo Congress since The Fair Tax was first introduced in 1999.


With democrats in control of both houses of congress and of the executive, it will be many years before the fair tax has any chance at all to even be discussed.

Before the fair tax has any chance at all, we need to regain control of congress with enough republicans and perhaps even a bunch of libertarians. And even when we regain control, we need to have super-majorities in order to get any significant programs passed, not to mention the fair tax.

That would be true if The Fair Tax was a partisan issue. Fair Tax has been and will continue to be presented as a non partisan issue. There has already been discussion with the Obama camp. You're statements also presumes the power lies with Congress critters. That is precisely what they want people to think. The fact is the power lies with the people as our founding fathers intended when they wrote the Constitution. The 76 Fair Tax cosponsors didn't sign on out of altruism. They did so due to increased pressure form their constituents.