Gohmert Continues Bailout Fight with New Tax Holiday Bill
“Overwhelming Support from Across the Nation has made
Clear that this Fight is Far from Over”
WASHINGTON, D.C. – Representative Louie Gohmert (R-TX) wasted no time in continuing his fight against Washington’s excessive bailouts as the 111th Congress convened today for its first day of session. Moments after the House opened for official business, the Congressman introduced an updated version of his two month tax holiday proposal that gained extensive national support over the past month, clearly signaling that he intends to push the issue until the majority party brings this bill to the Floor of the House for a vote.
Whereas Gohmert’s original bill called for the holiday to take effect during January and February 2009, his latest version designates the two month time span to begin the first full month after the bill’s passage, thereby allowing the proposal to still be a viable bailout alternative even though the new year has begun. Less than one full day into the new Congress, the legislation already has fifty cosponsors, and the list of supporters is expected to grow.
Gohmert stated, “From the overwhelming number of voices across the nation that have expressed their support for this tax holiday, it is clear that this fight is far from over. Americans are fed up with chunks of their paychecks going to bail out mismanaged, private companies. My bill will provide relief to taxpayers and do a better job of stimulating our economy by letting the people who know the market best decide which companies or industries are most deserving of their hard-earned dollars.
“I voted against the bailout both times it came to the floor. I believe it was a terrible plan that undermined the founding democratic principles that made us the greatest nation in the world. There is still time to put to better use the remaining $350 billion of bailout funds. Americans have done a terrific job of letting me and their own representatives know that they want this tax holiday as a bailout alternative, and they must continue to make their voices heard if we want to see our country thrive and preserve its strong, free-market principles.”
Gohmert is encouraging people to urge their own Representatives and Senators to support the tax holiday over more bailouts and has also asked them to take it a step further by letting their leaders know what they could be doing with the extra money they would save through the tax holiday plan. 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. A two-month reprieve from these taxes would cost less than the remaining $350 billion in bailout funds sought by Paulson and provide taxpayers with a nearly 17% reduction in income tax for 2009. Under Gohmert’s plan, the ordinary income from wages or services performed in the two months designated for a tax holiday would be entirely federal tax free, and Americans would immediately see that money retained in their paychecks. They would therefore only pay income tax on 10 months of earnings.
Rep. Gohmert currently represents the First District of Texas for his third term in the U.S. House of Representatives. He can be reached at www.gohmert.house.gov.
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