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CARTER REJECTS AUTO BAILOUT, PUSHES FOR TAXPAYER BAILOUT

12/10/08

It’s time for American taxpayers to receive a financial break, instead of throwing more tax dollars to Wall Street, manufacturers, and unions, according to Texas Congressman John Carter (R-TX31).  Carter, Secretary of the House Republican Conference, today signed on to a new plan to send money directly to taxpayers rather than the auto industry or Wall Street.

"Look at this as a taxpayer-friendly auto industry bailout,” says Carter.  “We let the taxpayers keep their own money, and they can go spend it on any car they want.   Or they can choose to bail out a bank by catching up on their mortgage or charge cards.  It’s called the free market, which if we had been following that all along we wouldn’t be in this mess to start with.”

 Carter today pledged support for a federal taxpayer holiday for January and February.  Under the plan, taxpayers and their employers would pay no federal taxes over the two month period, including income tax, social security and Medicare withholding.  Taxpayers would receive their paycheck without any federal reductions, boosting most middle-income taxpayer paychecks by over a third during the two-month period, and reducing their entire 2009 federal tax bill by an estimated 17%.  

HR 7309, the Two Month Income/FICA Tax Holiday Act, was introduced today by fellow Texas Congressman Louie Gohmert (R-TX01), and was cosponsored by Judge Carter.  The bill will cost less than the $350 billion additional bailout currently set for release to Wall Street over the same two-month period.  That bailout would be cancelled by the Tax Holiday.