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Congressman Roscoe Bartlett Urges Income and FICA Tax Holiday as Fastest, Most Effective Stimulus
Congressman Roscoe Bartlett Urges Income and FICA Tax Holiday as Fastest, Most Effective Stimulus
Washington,
Jan 8 -
Congressman Roscoe Bartlett Urges Income and FICA Tax Holiday as Fastest, Most Effective Stimulus
Responds to Speech by President-elect Obama
One of 53 Co-sponsors of H.R. 143
“The fastest way to put more money in working people’s pockets and create jobs would be approving the legislation I support for a two-month holiday of personal income and FICA taxes,” said Congressman Roscoe Bartlett today. “People will spend their own money more wisely and more efficiently than government bureaucrats.” Congressman Bartlett made the comments in response to a major economic policy speech by President-elect Barack Obama.
Congressman Bartlett said, “The Congressional Budget Office has already projected a $1.2 trillion budget deficit this year. Our national debt went over $10 trillion last fall. Additional stimulus amounts range from $500 billion to $1 trillion.”
“We can’t forget that the government doesn’t have any money unless it takes it from taxpayers,” noted Congressman Bartlett. “History has proven that the only government policy changes that improve the economy without increasing the debt burden on our kids and grandkids would be a reduction in taxes that stimulate economic growth. It’s common sense that to promote economic growth, tax cuts must go to tax payers. A FICA tax holiday will target relief to middle class workers. An income tax holiday would stimulate investment and create jobs.”
Congressman Bartlett is one of 53 co-sponsors of H.R. 143 introduced by Rep. Louie Gohmert that would provide a two-month holiday of the personal income tax and FICA (Social Security) tax at an estimated cost of $350 billion. Americans for Tax Reform (ATR) and former House Speaker Newt Gingrich support the bill.
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