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Give Everybody a Tax Holiday for a Year!

BEGIN TRANSCRIPT

RUSH: Rodney, French Lick, Indiana, great to have you on the program, sir.  Hello.

CALLER:  Yeah.  I had an idea about fixing this economy, and I was wanting to know your thoughts on it.

RUSH:  All right.

CALLER:  What would happen if all this money that they gave to the banks and the auto  and all this stimulus money, if they woulda took it, invested in the American people by giving them a low interest government loan, secure their bad debt, and then give them a mulligan on their credit, you know, their credit report --

RUSH:  Yeah.

CALLER:  -- free their credit up, then that way people could go out and instead of doing buy here, pay here, renting houses, they could actually go out --

originalRUSH:  There's a better way of doing something like this. Look, when I saw your call up there I wanted to take the call because it's interesting.  My instinct was to, "Yeah, okay, I could see that," and then I had to catch myself.  This is how easy it is to get trapped into thinking these kinds of things work.  The government got us into this mess, and anything they do that involves any more intricacies is only gonna make it worse.  To accomplish what you want, Rodney, you give everybody a total tax holiday for a year.  "But Mr. Limbaugh, Mr. Limbaugh, what's the government going to do without that money, you simply can't take that much money."  Mr. New Castrati, follow me on this.  We need to rebuild the economy.  We need to rebuild the private sector.  The government has taken too much money out. 

The government's spending money we don't have, anyway, Mr. New Castrati.  We have a budget deficit of $4 trillion, Mr. New Castrati.  Cut that budget deficit in half by simply giving everybody a tax holiday, payroll, savings, income, you name it, for a full year.  You let everybody keep every dollar they earn, every dime they earn and you watch what happens.  You get out of the way for what will happen.  If the government's going to spend money, we can concoct our own definition of spending here.  They come up with their own cockeyed definitions of spending.  They call, for example, a tax cut spending.  Okay?  Well we'll call a tax holiday spending.  They spend money they don't have anyway.  Let the people who earn it keep it. 

You don't need to mess around with your credit rating or any of that, giving you a mulligan here, mulligan there.  The government shouldn't have that kind of power anyway.  You give the government that kind of power you're gonna regret it, you don't want to go there.  No taxes.  "But, Mr. Limbaugh, how does this benefit the 48% who aren't paying taxes at all, what do they get?"  Nothing.  They're already in on the deal, Mr. New Castrati.  They'll get a tax payroll holiday because they're still paying their FICA taxes, but if they're not paying any income tax they're already in on the deal.  "Somehow, Mr. Limbaugh, this sounds like it's going to benefit the rich."  Everything is gonna benefit the rich more than the poor, there's no other way around it, and you can't fix it with government action.  This is the best thing you could do, in fact.  Let people keep every dollar they earn for a year, you get out of the way, folks, oh, think about that.

END TRANSCRIPT

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