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How About A National Income Tax Holiday?

Posted by cann0nba11 on January 10, 2009

State politicians like to tout the wonders of the “sales tax holiday” especially just before the school year starts. People freak out and go on shopping sprees to save about eight cents on every dollar they spend on certain items. I’m not sure what the actual benefit of this ‘holiday’ is, but it’s quite popular, at least it is here in Texas.

Well, since President-Elect Obama is interested in stimulating the economy with a new $700B proposal, and we know that the last $700B “stimulus” in September didn’t do jack squat to help us out, I’ve got a better idea. Let’s declare April 15, 2009 a National Income Tax Holiday.

Seriously.

Why should we have the government take more of our money and spread it around to folks that don’t necessarily deserve it? And keep in mind that its not everyone’s money, it’s the money of Americans that actually pay taxes. After all, thats where our government gets its money in the first place.

Here is the breakdown of taxes collected in 2007 (source):

Type of Return Number of Returns Gross Collections (Millions)
Individual income tax $138,893,908 $1,366,241
Corporation income tax 2,507,728 395,536
Employment taxes 30,740,592 849,733
Excise taxes 907,165 53,050
Gift tax 252,522 2,420
Estate tax 49,924 24,558

The US population in 2007 is estimated to have been 301,621,157. From the data above we see that 46.04% of Americans filed returns. This means that they were taxed during the year and either needed to pay more, or expected to get refunds. In other words these are the people that are providing the biggest piece of the financial pie that our politicians are wasting every year.

As we’ve learned, financial institutions are not able to tell us where our bailout money has gone, largely because they have no idea how to track it. We are being told that this time our government will actually track the money. Really? I’ve got a better idea.

LET US KEEP OUR MONEY! Cancel tax day in 2009.

  1. Letting taxpayers keep our money means that the government doesn’t have to spend any money to give us our own money back. Why have us send it to you just so you can send it back to us?
  2. The US Postal Service will save millions in overtime wages by not needing to place carriers and workers curbside on the 15th until midnight.
  3. The IRS could give its hard working people a much needed vacation.
  4. These former tax payers can use these savings to pay bills, buy cars, fund educations, pay for medication, buy clothes or digital televisions… the possibilities are endless. BUT, they all stimulate our economy!
  5. Millions of trees will be saved by removing the need for 140 million people to print multiple copies of their multipaged returns. (ok, lots will file online, but work with me here.)
  6. By saving the trees they can focus on reducing the amount of greenhouse gases in the air.

In other words, canceling income taxes this year could actually save Planet Earth!

By taking our money in the form of Income Tax you are making us enable financial addicts. Giving our money to Congress today is like giving a brand new credit card to a person already $20k in credit card debt. It’s like giving a gambling addict cash for his car so he can play a few more hands to try and get out of the red. It’s a bad idea.

Give it a thought Washington. Step away from the teller Congress. Let us keep our money this year, it’s obvious you have no idea how to use it.

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One Response to “How About A National Income Tax Holiday?”

  1. Nevicata said

    OT: you asked over at HA about repealing the CPSIA. Here’s a petition to do that:
    http://www.ipetitions.com/petition/RepealCPSIA/

    And here’s why a repeal would be better than exempting everything piecemeal:
    http://tinyurl.com/859xus (link goes to designloft.blogspot)

    Maybe if we’re r e a l l y lucky, the granola types will see this as the Teachable Moment that it is.

    Right.

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