As Congress debates bailouts, loans and stimulus plans one Representative has advocated a different solution to get the economy back on track – a two-month reprieve from federal taxes. Congressman Louie Gohmert (R-TX) is pushing for a two month tax holiday where the incomes from wages or services would be free from federal tax. According to the Congressman’s office the entire proposal would cost less than $350 billion. A number far smaller than the trillion plus being debated now.
While the idea may not be receiving the same attention as other proposals are a recent study shows that a majority Americans support the concept of tax cuts to revive the economy. A national survey conducted January 10th-11th by Rasmussen showed that 58% of American adults are opposed to an economic recovery plan that does not include tax cuts. Only 21% would support a stimulus package with no tax cuts.
Even though the data shows Americans favor some form of tax cut help the economy their optimism for such a solution is not as strong. Another recent Rasmussen study showed that only 21% of American’s expect lower taxes under an Obama administration.
