This is a rush transcript from "Your World With Neil Cavuto," November 28, 2008. This copy may not be in its final form and may be updated.
DAVIS ASMAN, GUEST HOST: A new plan to rescue the economy: no bailouts, no stimulus, and no income tax.
My next guest announcing a plan to ditch the federal income tax for the whole year. Louie Gohmert is a Republican congressman from Texas. And he joins us now.
Congressman, thank you very much for coming in. Appreciate it.
REP. LOUIE GOHMERT, R-TEXAS: Sure, David. Thanks for having me.
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ASMAN: I love this idea. I have to be quite honest. I'm supposed to be neutral, but I'm already paying 50 percent of my income in taxes. And, you know, I make enough money. I'm OK.
But the folks for whom, you know, an extra $10 saved as a result of an income tax rate cut, that could really mean a big difference in their lifestyles. So, if you have no income tax for a year, why not?
GOHMERT: Well, your other guests were just talking about the trillions of dollars that have been committed for this bailout. We have got people in Washington and New York...
ASMAN: We should be specific. And, again, Congressman, somebody has estimated it may be as much as $7 trillion that has either been spent...
GOHMERT: That's correct.
ASMAN: ... or committed by the Fed and the Treasury.
GOHMERT: That's my understanding.
And — and you look at the numbers, we are told that $1.2 trillion is what was expected (AUDIO GAP)
ASMAN: Oh, dear. There goes his — his connection.
We will try to get that connection back up again.
Congressman Louie Gohmert is suggesting that we should take a sabbatical for a year from income tax. Let's hope he is right.
ASMAN: And we have reestablished contact with Congressman Louie Gohmert, who wants to stop your taxes being paid for at least one year.
Congressman, I am so glad we were able to reestablish contact, because this is a very important subject.
The bottom line is, we collect less than $2 trillion a year from taxpayers in revenue. And, yet, we are spending $7 trillion for all these bailouts. So, why not give the taxpayer — payer a break? That is your idea, right?
GOHMERT: That is exactly my point, David.
You know, when you have got 1.2 in individual tax payments coming in — $1.2 trillion — that is six-and-a-half times less than we are told that the Fed and Paulson are committing. We ought to have billions for taxpayers and not another cent for executive cronyism.
Instead of deciding who is going to get big bonuses or retreats. you want to shore up mortgages, have Christmas presents bought, have stocks bought? I'm hearing, a lot of people went to buy stock, they don't have money. Let them have their own income tax money back. They will shore up the stock market. They will be able to catch up on their mortgages, and we will be all — able to be all right. It's a very basic principle.
ASMAN: Well, you know, Congressman, I have got to tell you, as — for some people who would say, oh, that is a crazy idea, it will never get done, think a year ago. Think if, a year ago, somebody has said, the U.S. government was going to spend $7 trillion to shore up the Financial Services Committee — or financial services industry in this country and the rest of the world, and they would have said, you are nuts.
So, your idea may sound a little wacky now, but maybe, a year from now, it won't.
How do you build a coalition?
GOHMERT: Well, we're — we are currently building a coalition.
And — and, if you look, people are agreeing, maybe we shouldn't let Paulson throw another $350 billion out at — at other causes or whoever he wants. Just $350 billion, in January and February, we could tell everybody, keep your income tax payments. Keep your FICA payments. If you make — gross $6,000 a month, it's an extra $2,000-plus for each month for two months. We're still under $350 billion. It goes to The people that need it, who will really get this economy excited.
People who are listening, if you think about, get your around all that much extra money every month coming, you can get on your feet. We can get this economy going in a hurry, and forget the billions that are going for cronyism.
ASMAN: Well, Congressman, please stay in touch with us. Let us know how your plan goes and whether you build a coalition.
GOHMERT: Well, we're — we're going to keep pushing.
ASMAN: All right. Congressman Louie Gohmert...
GOHMERT: We're going to keep pushing.
ASMAN: ... from Texas, thank you very much for coming in.
GOHMERT: Thank you.
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