Comments on: This Holiday Means Help for the Economy http://baconsrebellion.com/2009/01/18/this-holiday-means-help-for-the-economy/ Fri, 12 Mar 2010 14:39:10 -0700 http://wordpress.org/?v=2.8.5 hourly 1 By: Scot McRoberts http://baconsrebellion.com/2009/01/18/this-holiday-means-help-for-the-economy/comment-page-1/#comment-91 Scot McRoberts Mon, 19 Jan 2009 15:07:11 +0000 http://baconsrebellion.com/?p=209#comment-91 A six-month payroll tax holiday is not just a good idea. It is a great idea. By suspending payroll taxes, the feds would achieve a targeted, immediate solution that would help small businesses stay afloat, and spur consumer spending. The most recent figure I could find quickly was that the Federal government collected $870 billion in payroll taxes in 2007. So, for a six month suspension, it could cost around $500 billion. Unlike the hundreds of billions already spent and/or about to be spent, these dollars would feed the economy from the bottom -- giving small businesses some breathing room, saving and creating jobs in the sector where most jobs are made, and giving consumers a bump in their paychecks that will ring cash registers. A six-month payroll tax holiday is not just a good idea. It is a great idea. By suspending payroll taxes, the feds would achieve a targeted, immediate solution that would help small businesses stay afloat, and spur consumer spending.

The most recent figure I could find quickly was that the Federal government collected $870 billion in payroll taxes in 2007. So, for a six month suspension, it could cost around $500 billion. Unlike the hundreds of billions already spent and/or about to be spent, these dollars would feed the economy from the bottom — giving small businesses some breathing room, saving and creating jobs in the sector where most jobs are made, and giving consumers a bump in their paychecks that will ring cash registers.

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