At least for a little while.

Texas Rep. Louie Gohmert has proposed taking the $350 Billion not yet spent on the $700 Billion Bailout and using it to give every tax paying American a two month tax holiday.

After I discussed the matter with several colleagues, the idea of returning an entire year of income tax was not catching enough groundswell. The idea of ending the ability of Secretary Paulson to squander his last $350 billion on firms run by his former Wall Street cronies, however, was catching plenty. Pair that with at least two months of each taxpayer keeping his or her own tax dollars, and you have a great start to making people feel in control over and optimistic about their finances.

Newt Gingrich is one of the most amazing conservative idea people in the country. His and Jed Babbin’s suggestions and encouragement led to my current proposal of instating a two-month tax holiday during January and February 2009.

I think this is a great idea. It will stimulate the economy by allowing you and me to keep more of the money we earn. Even those who pay little or nothing in income taxes will still save the amount that is deducted for FICA taxes. Businesses will benefit as well by not having to match those FICA taxes for two months. Imagine what that savings will be for a large employer!

The word needs to get out.

Then comes the most important question: “Is there even a snowball’s chance of this getting to the floor of Congress for a vote?” Well, that depends entirely upon the American public — the same public that flexed its persuasive muscles in August and September when it made clear that Democrats might jeopardize their majority if they passed another moratorium on drilling in the Outer Continental Shelf while fuel was so terribly expensive.

With their overwhelming feedback, the public helped Conservatives to defeat the McCain-Kennedy immigration “reform” bill, persuaded the Democrats to give up (at least temporarily) on the offshore drilling ban, and won battle after battle in the last Congress.

The public speaks with a powerful voice. If we raise that voice to Speaker Pelosi, we will be heard and we may well be able to get this bill to the floor.

Red State has set up a petition supporting this effort. I also suggest you contact your representatives. Bloggers, spread the word!

OTHERS BLOGGING:
American Solutions — Has a video of Rep. Gohmert and a link to Investor’s Business Daily on the plan.