Gingrich Backs Two-Month Tax Holiday to Replace Further Wall Street Bailout

Stop Income Tax For Two Months, by Newt Gingrich:

Rep. Louie Gohmert (R.-Tex.) has proposed a very important tax-cut alternative to the Pelosi-Paulson big-government bailout plan. Where the Pelosi-Paulson plan takes the taxpayers’ money and puts it under the government’s thumb so that predatory politicians and micromanaging bureaucrats have more and more control over the American economy, Congressman Gohmert’s plan puts the money back into the pockets of the American people and allows them to choose. ...

For the $350 billion second bailout installment Treasury Secretary Henry Paulson is going to request, every American taxpayer could have a two-month tax holiday from both income tax and the Social Security-Medicare (FICA) tax. That means that for all of January and all of February you would pay no federal income tax and no FICA tax, which -- for most Americans -- amounts to about 33% of your gross income.

• Rep. Gohmert's press release
• Rep. Gohmert's appearance on Fox Business
• Heritage Foundation:  Permanent Tax Relief -- Not Tax "Holidays" -- Stimulates Economic Growth, by Stuart M. Butler
• The Hill:  Texas Rep. Wants Tax Holiday to Replace Bailout, by Michael O'Brien
• National Review:  Income Tax Moratorium, by Jonah Goldberg
• Roth & Co.:  Tax Holiday?, by Joe Kristan