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Direct taxes, with a difference
December, 26th 2008
The economic slowdown has had its effect even on the Indian economy, the terror strikes have momentarily shattered the spirit of India, even as it seeks to rise united from such strife. Thus, it appears that 2008 will end on a sombre note. In fact, this columnist wonders whether the world will change again by the time the column, which is penned much in advance, sees the light of the day. Zenobia Aunty is a firm believer in the glass is always half-full philosophy. Every dark cloud has a silver lining, she says. And she adds her own phrase, you can see a rainbow only after the storm. Perhaps this is true, even though her niece is still not fully inclined to believe in this philosophy and would prefer not to face a storm, even for a rainbow. Yet, life is a roller-coaster with its ups and downs. Post the strife in Mumbai, Zenobia Aunty and her niece were intrigued by one placard which stood out in a peace procession. It read: No more taxes. Why should we pay taxes, if we cant be protected? Given the situation and the emotions holding sway over Mumbaites, this outcry did seem justified. One can only hope that Mumbai and India heal, heal soon, and concrete steps that are taken will benefit us. Right now, we do seem to be grappling for answers and there is a ca-cophony of bewildered sounds each time the telly is switched on. In the US, tax payers are crying over the use of their money for bailouts. Surfing the net for the tax implications of bailouts, Zenobia Aunty came across a unique suggestion by US Congressman Louie Gohmert a tax holiday for we the people. In short, a two month tax holiday for the hoi polloi of the United States of America. In his press release Congressman Gohmert states: By instating a temporary tax holiday, we could electrify the American economy and provide overwhelming relief to taxpayers, all for less than the cost of the current failed bailout system. He continues: Think about how much you would have if you didnt have any social security or income tax withheld from your pay check, or if you didnt have to pay those taxes for January and February! Americans could take and invest their own money where they believe it should go paying down mortgages, buying a new car, making credit card payments. The economy would get relief where it is needed the most. Why try to decide how to prevent foreclosures? Just give taxpayers their own money to catch up on their payments. Those in lower income brackets who are hit the hardest by the FICA tax would see huge money back, and then they could choose who should benefit from their hard-earned money. Even the self-employed and small business owners would receive a fantastic amount of their own much-needed money, and they will be able to invest that back into their businesses and even create the ability to hire more people.
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