Tax Cut For All Classes

Rep. Louie Gohmert makes sense in calling for using the rest of the proposed bailout, roughly $350 million, to give Americans a full tax holiday.

Gohmert’s tax holiday plan is elegant in its simplicity: every American taxpayer would pay no federal income or FICA taxes for the first two months of 2009. For the typical American family -- earning about $50,000 a year -- that would mean they would keep about $2000 that would otherwise be paid to the government. 

Gohmert’s plan doesn’t pay for Wall Street bonuses or let banks use bailout money to buy other banks or pay dividends. It doesn’t rely on bureaucrats to pay money out to the right people at the right time or try to stimulate the economy with token payments to people who don’t pay taxes. 

Most Americans pay about 25 percent of their income in federal income tax and another 7.25 percent in FICA (social security and Medicare taxes). Computing how much money Gohmert’s tax holiday would leave in your family’s checkbook is very simple.

Take your monthly income (the gross amount shown on your pay stubs before tax and any other withholding) and multiply it by .66. That amount is roughly what Gohmert’s two-month tax holiday will leave in your pocket.

Lets put the Dems on their heels.  This is their recession now, with Bush leaving office in a couple months.  

Comments

[Vivian J Paige]

I don't think much of a writer who doesn't know that the FICA rate is 7.65%, not 7.25%

[Vivian J Paige]

Oh, and his claim that "most Americans pay 25%" is bogus, too.

[novamiddleman]

humm must have hit a nerve eh Vivian

I know liberals have a problem with Americans keeping what they earn but the speed on this is amazing.

[Vivian J Paige]

Actually not at all. I HATE inaccuracies. It's not as if the writer doesn't have information at his fingertips to verify the numbers before posting them.

Remember, I'm a CPA so I carry this info in my head.