Stimulus Package

House to seek about $500 billion economic stimulus
Reuters | Dec 1, 2008

“Democrats in the House of Representatives likely will seek passage next month of an economic stimulus bill costing about $500 billion, a House Democratic aide said on Monday…”

I would support, instead, a three month moratorium on federal income and social security taxes.

Americans pay $101.6 billion per month in personal income tax and $65.6 billion per month in FICA tax, totaling $167.2 billion per month. A three-month tax holiday would equal $501.6 billion — the same as the stimulus package but without the overhead.

The tax holiday would also relieve businesses of the burden of their contributions to the FICA tax; thereby boosting their revenue position and their ability to provide jobs and invest in production, however short-lived.

Rep. Louie Gohmert (TX) has even proposed “returning all 2008 income taxes to American taxpayers as a solution to boost the ailing economy, as he believes taxpayers, rather than the government, should be using their hard-earned money to choose the economy’s winners and losers.”


H.R. 7309 | December 9, 2008
To amend the Internal Revenue Code of 1986 to suspend employment and income taxes for the first two months of 2009, and for other purposes.


About Tim Peck

Unaffiliated Objectivist
This entry was posted in Uncategorized. Bookmark the permalink.

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s