Monday, December 15, 2008

How can we really rev up the economy with the rest of that bailout money? A two-month complete federal tax holiday

Texas Representative Louie Gohmert has proposed legislation in which American workers will pay no federal personal income tax or FICA withholdings for January and February. According to Rep. Gohmert, this is a way to take the remaining $350 billion of the bailout package and put it in the hands of consumers.

I love the idea, and I am not the only one. This proposal is gaining support. Newt Gingrich, Congressman Mike Pence and recently a small business advocacy group, the National Federation of Independent Businesses have endorsed it.

Will this proposal get anywhere? Well, it seems like a great idea that would actually work, so probably not, but it will be interesting to see what happens.

No comments: