Congressman Louie Gohmert (R-Texas) is proposing that that money be put towards a tax holiday from both personal income tax and FICA tax for Americans during January and February of 2009. In announcing the plan, he said, “By instating a temporary tax holiday, we could electrify the American economy and provide overwhelming relief to taxpayers, all for less than the cost of the current failed Paulson-Pelosi bailout system.”
“Think about how much you would have if you didn’t have any social security or income tax withheld from your pay check, or if you didn’t have to pay those taxes for January and February! Americans could take and invest their own money where they believe it should go – to paying down mortgages, buying a new car, making credit card payments. The economy would get relief where it is needed the most. Why try to decide how to prevent foreclosures? Just give taxpayers their own money to catch up on their payments. Those in lower income brackets who are hit the hardest by the FICA tax would see huge money back, and then THEY could choose who should benefit from their hard earned money. Even the self-employed and small business owners would receive a fantastic amount of their own much-needed money, and they will be able to invest that back into their businesses and even create the ability to hire more people.”
According to the announcement , Gohmert is currently preparing a bill to declare the tax holiday for January and February of 2009 and is also gathering support at the same time.
According to American Solutions, a conservative think tank founded by former Speaker of the House Newt Gingrich, Americans pay $101.6 billion per month in personal income tax and $65.6 billion per month in FICA tax. Gohmert has also recently proposed returning all 2008 income taxes to American taxpayers as a solution to boost the ailing economy.