Tax Holiday 2009

[Beachbummette]

Have you all heard about this? Congressman Louie Gohmert's proposal to have a two month tax holiday in 2009 instead of giving the bailouts? What do you all think? Would it work? To follow is an excerpt from his website.


"Billions of Dollars for Taxpayers, but Not One More Penny for Executive Bailouts"

WASHINGTON, D.C. - As millions of Americans are hoping to maximize their holiday shopping budgets on today's Black Friday bargains, one U.S. Congressman is fighting to prevent more outrageous spending sprees by Washington with taxpayer dollars going to executive cronies.

With $350 billion of the $700 billion bailout still available to Paulson pending Congressional approval, a conservative Texas lawmaker is proposing to put that money towards a tax holiday from both personal income tax and FICA tax for Americans during January and February of 2009.


If you want to read the rest of the story:

http://gohmert.house.gov/Article.aspx?NewsID=1355

 

[Beachbummette]

Here is the link if you would like to sign the petition:


http://gohmert.house.gov/Article.aspx?NewsID=1355

 

[traderx]

I am all for tax cuts; however, whether through tax holidays, stimulus checks or public works programs, the problem is that such monies are considered temporary and do not generate the economic muliple effects of "permanent" income. I would much prefer across the board income tax reductions on individuals, corporations and dead people.

 

[Smiling JOe]

tax free days? Woo-hoo! But a 6% savings on items which aren't selling adds up to how much? That dog don't hunt.

 

[traderx]

tax free days? Woo-hoo! But a 6% savings on items which aren't selling adds up to how much? That dog don't hunt.

SJ, the tax holiday would be on federal income tax and SS tax for the months of Jan and Feb '09.

 

[Smiling JOe]

Didn't read the article. Thanks for straightening me out on that. So if I have set up a LLC for my business, and pay myself a salary, yet I am the sole employee, I could cut myself paychecks in Jan and Feb, and not the rest of the year, and not pay any income taxes for the entire year? Hmmm? Interesting. Don't think that tax attorneys aren't already working on that.

 

[30ashopper]

Didn't read the article. Thanks for straightening me out on that. So if I have set up a LLC for my business, and pay myself a salary, yet I am the sole employee, I could cut myself paychecks in Jan and Feb, and not the rest of the year, and not pay any income taxes for the entire year? Hmmm? Interesting. Don't think that tax attorneys aren't already working on that.

God that's brilliant! (shopper goes to look up his tax guy's number..)

 

[traderx]

Didn't read the article. Thanks for straightening me out on that. So if I have set up a LLC for my business, and pay myself a salary, yet I am the sole employee, I could cut myself paychecks in Jan and Feb, and not the rest of the year, and not pay any income taxes for the entire year? Hmmm? Interesting. Don't think that tax attorneys aren't already working on that.

You should work for the IRS. The IRS has specialists who do nothing but figure out how to close loopholes consistent with laws written by the Congress of course. There will undoubtedly be one of those forms that goes like this: if the sum of income, interest income, royalties, gambling income, subject to losses if such losses are documented in accordance with Section 274(b), self-employment income from Schedule C unless filer is a foreign corporation or business is subject to the provisions of 76(b) through 87(z) inclusively, exceeds the monthly average of the first two calendar months in the tax filing year, unless filer's tax year is other than the calendar year in which instance the provisions of Chapter 27,076, Section 4,455,868 apply, then filer will be required to average such income and pay tax on the average of the first two month's of the 2009 tax year.

 

[30A Skunkape]

Our elected officials and unelected bureaucrats will never let this happen.

Paycheck withholding is the main instrument keeping taxpayers so blissfully ignorant about how much money the government swipes from them. If people's eyes were actually opened as to how much financial power they cede with every paycheck and figure out they do not 'get it all back' via a tax refund, there would possibly be tax anarchy. Now wouldn't that be inconvenient to those who best know how to spend our money?:roll:

 

[traderx]

Our elected officials and unelected bureaucrats will never let this happen.

Paycheck withholding is the main instrument keeping taxpayers so blissfully ignorant about how much money the government swipes from them. If people's eyes were actually opened as to how much financial power they cede with every paycheck and figure out they do not 'get it all back' via a tax refund, there would possibly be tax anarchy. Now wouldn't that be inconvenient to those who best know how to spend our money?:roll:

By jove, splendid idea!!

You are correct. Every tax season, Boortz asks his listeners to phone in and report how much they paid in taxes. Invariably, it is the same chimps saying "I did not have to pay anything; in fact, I am getting money back".