Monday, December 01, 2008

Congressman: Bailout Dwarfs Income Tax

From Beyond Bailouts:

...Over the Thanksgiving break, [Congressman Louie Gohmert (R-TX)] noted Congress had given the Treasury Secretary the authority to spend $1.7 trillion of your tax dollars (although the bailout has cost far more than that). That number is greater than the $1.21 trillion the federal government will receive in income tax this year. So what's Gohmert's plan? He wants to revoke the Treasury Secretary's authority to buy assets and instead suspend the income tax for a year.

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