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.