Finally! Someone wants to give bailout money to taxpayers!

Email Print posted by JudahKhan 12/02/2008 03:48:38 PM EST

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Do you think we deserve 350 billion dollars of the bailout? Hell yes , I do !

On 11/28/08 Rep. Louie Gohmert from Texas sent out a press release announcing his preparation of a bill to allot the remaining $350 billion of the $700 billion bailout monies towards a tax holiday from both personal income tax and FICA tax for Americans during January and February of 2009, and refusing to give another dollar towards corporate bailouts. He points out that Americans pay $101.6 billion per month in personal income tax and $65.6 billion per month in FICA tax. Under his proposal, all of these taxes would not be paid during January and February of 2009, and the money would stay in the hands of American taxpayers.

In my opinion this is a revolutionary idea, in a period of time where the taxpaye rs cannot get enough of this type of thinking and legislation.
Admit it, we all grumble in our collective corners and offices about corporate big-wigs flying to Washington in private jets ,begging for our money, then after they get it lounging in comforts most of us can only imagine all while they count on our short memories and other distractions to shield them.
Should we be left, just waving our $1.95 American flags, crying patriotic tears, with pockets empty? Why not give us a break, after all it's our country, our money and we need it too.
Bravo, Gohmert Bravo, whether or not it passes, during this holiday season , it's the thought that counts! I'll be contacting my Reps and demand their support of this bill, but I really want to see who would vote against it.

Check it out!
http://gohmert.house.gov/Ar ticle.aspx?NewsID=1355

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Finally! Someone wants to give bailout money to taxpayers! | 3 comments (3 topical, 0 hidden)
Finally? (none / 0)


I say no...

Remember, Bush gave out stimulus checks as well. How much did it stumulate the economy? Not much, did it.

Giving away free money is a bad idea weather it's to fat cats on wall street or main street. It's too temporayry. Long term solutions are what we need. Not a short term feel good fix.

by locknkey on 12/03/2008 07:43:57 AM EST

Exactly right locknkey, (none / 0)
All this plan is a short term feel good fix. Whatever people feel about the structure of the bailout, the reason it exists is to prevent the financial sector (and therefore other sectors of the US and world economies) from freezing up and collapsing. Freezing income tax would mean that most of this money would go straight back into the pockets of the massive income earners anyway. I also suspect that the ham-fisted solution of having income tax jerk from the current level to zero and back again would have negative effects on the economy. There are good reasons why income tax exists, such as to provide revenue for the government to spend on public goods. Essentially, the plan proposed is simply a plan to get rid of income tax for a couple of months (and despite people not liking to pay taxes, most people recognise their necessity), and to pretend the financial crisis doesn't exist and therefore not do anything to solve it.

by jutewe on 12/03/2008 12:24:16 PM EST

[ Parent ]
I don't disagree (none / 0)
But it's clear you may be taking the narrow view of this proposal. I don't assert that the bailout was unnecessary but it do find it unnecessary to give huge monetary gifts to every large free market company that reaches out it hands, due to economic problems, until there none of the bailout left  to give. I say instead to channel some of those funds back into the hands of consumer if only to allow those, who the economy is truly based, to have the means to recover from some of their debt and economic woes enough to feel confident spend thier money again. The auto companies are making  products that no one is buying. Giving them free money to offset this trend, is the true short term fix. Income tax does go to public goods but in this case the proposed tax holiday looks to put two to three thousand dollars back in the pockets of the good public. Though, this may not seem like a lot but for many that could be the difference between having a consumer confident holiday as opposed to a miserly one. I think this will help everyone. Instead of handing over money those who will (wink-wink) spend it as they see fit, with little or no oversight.
 Look at it as Trickle-Up economics.

by JudahKhan on 12/09/2008 01:39:35 PM EST

[ Parent ]
Finally! Someone wants to give bailout money to taxpayers! | 3 comments (3 topical, 0 hidden)
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