Texas Rep. Wants Tax Holiday to Replace Bailout

Rep. Louie Gohmert (R-Texas) is crafting legislation to convert the third portion of bailout funds into a tax holiday for Americans in 2009.

Gohmert is crafting legislation to suspend income and FICA taxes on workers for January and February of 2009, while suspending the final $350 billion installment in Treasury Secretary Henry Paulson's financial assistance package.

"This plan would provide a needed stimulus using the free market principles on which this nation was founded, while being more of a common-sense approach than giving billions of dollars and unmatched power to one man," Gohmert told The Hill. "To say that Washington knows best how to spend other people