Pay No Taxes for 6-Months!!!
So, I usually watch MSNBC, CNN, CSPAN, and all that good stuff at night after my fiance falls asleep. I was just listening to a bunch of financial experts on Fast Money (CNBC), and they were talking about Obama's stimulus package which includes a nice tax cut for about 85% of Americans.
They were saying that a tax cut of this kind will help us now, but put us deeper into debt 10-15yrs from now. One of the experts said he had a better way to stimulate the economy. Instead of making us pay less taxes each pay period for the next year (Which the feds say will be around $1.4 Trillion), and giving us $700 Billion in stimulus next year; why don't we just not pay any income taxes for the first 6-months. I was like that be an extra $400-$500 on my paycheck for the next 6-months!!! He said that would cause an instant stimulus to the economy and increase spending. It will also allow those in debt to pay back some of there debt or allow people to increase there equity by paying of items such as cars and homes.
I think it would be pretty nice to not pay taxes for 6-months! What do you think?
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