Gohmert’s tax holiday plan is elegant in its simplicity: every American taxpayer would pay no federal income or FICA taxes for the first 2 months of 2009. For the typical American family -- earning about $50,000 a year -- that would mean they would keep about $2000 that would otherwise be paid to the government.
Gohmert’s plan doesn’t pay for Wall Street bonuses or let banks use bailout money to buy other banks or pay dividends. It doesn’t rely on bureaucrats to pay money out to the right people at the right time or try to stimulate the economy with token payments to people who don’t pay taxes.
Most Americans pay about 25 % of their income in federal income tax and another 7.25 % in FICA (social security and Medicare taxes). Computing how much money Gohmert’s tax holiday would leave in your family’s checkbook is very simple.
Take your monthly income (the gross amount shown on your pay stubs before tax and any other withholding) and multiply it by .66. That amount is roughly what Gohmert’s two-month tax holiday will leave in your pocket.
from HumanEvents.com, Jed Babbin