How Would You Like to Get All Your 2008 Taxes Back? One Republican Wants to Make It Happen.

I’ve never heard of Congressman Louie Gohmert before tonight, but he’s had one heck of an idea. Instead of spending more than 7 trillion on a bailout, he wants to exempt every taxpayer in the country from paying any taxes in 2008. Here’s a bit from his press release:

“Secretary Paulson continues his unfettered spending spree and is driving our country further from the core capitalist principles on which it was founded. His and the Fed’s bailouts in the past few months have set a dangerous and unmistakable precedent to nationalize or socialize banking, insurance, and investment firms; and now car companies and other industries, states and cities are also lined up with hands out. I am proposing that we end the giveaway power of Sec. Paulson and the Fed immediately and declare that taxpayers will pay no 2008 income taxes. We should then return all amounts individuals have already paid this year…”

“Can you get your head around the idea of each taxpayer receiving back in the next few months every dime they have paid in income taxes for 2008? Can you imagine the incredible surge in the economy – the cars that will be bought, the houses bought and built, the mortgages paid up, the credit cards paid off, and Christmas presents bought? There are great values on some stocks that could then be grabbed by middle class people who otherwise can not take advantage of the deals in the market. The stimulative effects of having to pay NO federal income tax this year would also provide a tax boon to states and cities that desperately need money to repair and build infrastructure and are already seeking bailouts of their own. The federal government has no business picking winners and losers. Let’s let hardworking American taxpayers make that decision.”

I think it’s a terrific idea. It would provide an enormous stimulative effect, push money by the truckload to the local governments that sorely need it, and could very well remind Americans what it’s like to have their money back in their pockets instead of in the hands of incompetent bureaucrats.

If the Republican leadership had any brains in their heads, they’d be talking this plan up as hard as they could. It has plenty of upside and no downside that I can see.

UPDATE: I knew I had seen Rep. Gohmert’s name somewhere, but couldn’t remember where. Turns out it was in this Jonah Goldberg column, near the end. He only briefly mentions Gohmert’s plan, so I’ll take credit for unearthing more of it.

Other Posts of Interest:

• Barack Obama’s “Tax Cut” Plan is Deceitful
• An Answer to Ross Douthat
• The Nanny State Tax Scam Comes to Maine

Tags: Christmas, Louie Gohmert, Taxes

Category: The Economy and Your Money