Congressman Gohmert urges convert rest of bailout into tax holiday for Main Street

Rep. Louie Gohmert (left) hugs Addalyn Thrasher,daughter of fallen Customs and Border Protections officer Clint Thrasher. Thrasher's wife Rachel stands to the right. Clint was honored during National Police Week. [Photo by SPA D.B. Wagner, Customs and Border Protection; Rep. Gohmert website.](Washington, D. C.)--U.S. Congressman Louie Gohmert (R-Tex.) has a capital idea just in time for Christmas—use the last $350 billion earmarked for the bailout to benefit U.S. taxpayers. Gohmert wants to to put that money towards a tax holiday from both personal income tax and FICA tax for Americans during January and February, 2009. Gohmert’s next statement may garner a number of fans. He stated, "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. [W]e need to give this money to the people who earned it. I am sick of Washington millionaires trying to decide which of their cronies should get the next wad of taxpayer money…” And that’s not all. Gohmert recently proposed returning all 2008 income taxes to American taxpayers as a solution to boost the ailing economy. He said he believes taxpayers, rather than the government, should be using their hard-earned money to choose the economy's winners and losers.

Gohmert’s plan makes more sense than bailing out banks and manufacturers, when additional facts are considered. He pointed out in a press release that 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.

Considering President-Elect Barack Obama told voters prior to the election he’ll likely raise taxes for some income ranges, Gohmert’s idea is timely. Gohmert is currently preparing a bill to declare the tax holiday for January and February, 2009, and is also gathering support at the same time.

Media outlets have reported Americans are hanging on to their money as holiday season approaches. Giving Gohmert’s idea legs would not only encourage spending, it would also likely have a psychological impact that would remove the fear many economists cite where investments are concerned. And the impact would actually benefit the neediest as well. Gohmert said, “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.”