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.
Today I’ve reintroduced my two month tax holiday bill in the new Congress and updated the proposal to go into effect the first whole month following the bill’s passage. Therefore, as soon as this Congress’ Leadership allows a vote on the bill and it is signed into law, you will be able to hang on to more of your money, and we’ll see the American economy stimulated while keeping our strong democratic, free-market principles intact.
In order for this to happen, you need to make your voice heard, and I want to hear from you! What would you do with the money you’d keep through the two month tax holiday? Please let me know by filling out the form below. Also, if you do not reside in the First District of Texas, don’t forget to tell your Congressman and Senators that you want them to support the tax holiday, and be sure to let them know as well how you would use your extra money. (Find out who your Representative is here. For more information on the tax holiday, visit here.)
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
