What Could You do with Your Savings From a Two Month Tax Holiday?
WASHINGTON, DC, January 6, 2009 | Kate Thompson ((202)225-3035)
The 111th United States Congress convened today for its first day of session, and I am honored to serve East Texans in the U.S. House of Representatives for a third two-year term. Many critical issues are facing our nation, and I hope members of Congress on both sides of the aisle and I will be able to work together to address them. This includes tackling how to best handle the remaining half of the $700 billion in bailout funds allocated to Treasury Secretary Henry Paulson.
As you probably know, last month I proposed a two month federal tax holiday that would serve as an alternative to the remainder of the bailout and more effectively stimulate our economy. My bill would put the money back in the hands of the taxpayers who earned it by temporarily suspending individual income and FICA taxes for 2 months - meaning no taxes would be paid on those two months' income. This way, instead of someone in Washington giving away your money to mismanaged companies, you would be able to keep those hard-earned dollars in your paycheck and use them to invest or buy from those you believe are providing the best services or products.
East Texans and individuals from all over the country have contacted me with outstanding feedback and support for the tax holiday, and so far fifty Members of Congress have cosponsored the bill. From the overwhelming number of voices across the nation that have expressed their support for this form of taxpayer relief over more government sponsored bailouts, I believe this fight is not over.
Thank you for your help and support in bringing our nation back to the democratic, free-market principles on which it was founded. I look forward to hearing from you.
With Kindest Regards,Louie