10 And ye shall hallow the fiftieth year, and proclaim liberty throughout all the land unto all the inhabitants thereof: it shall be a jubilee unto you, and ye shall return every man unto his possession, and ye shall return every man unto his family. 11 A jubilee shall that fiftieth year be unto you: ye shall not sow, neither reap that which groweth of itself in it, nor gather the grapes in it of thy vine undressed. 12 For it is the jubilee; it shall be holy unto you: ye shall eat the increase thereof out of the field. 13 In the year of this jubilee ye shall return every man unto his possession. Leviticus 25
Forget Pelosi’s Boondoggle Bill — Take Taxes to Zero Instead | by Steve Cortes The scale of the present economic inferno almost defies belief, with over 30 million Americans newly unemployed. Even worse, many of these job losses will be lasting. According to the Becker Friedman Institute of the University of Chicago, about 40% of the job losses will be systemic and permanent, not temporary. Among Americans still working, an April AP poll showed that 55% report they have had either hours or pay reduced during the crisis.
Given the scope of this problem, our response must be big, bold, and swift. So, in contrast to Pelosi’s government leviathan blueprint, I propose a simple, elegant, and immediate economic propellant: eliminate all federal taxes for a recovery year.
Putting the Internal Revenue Service on furlough would provide an immediate pay raise for the 120 million Americans still working. Even the still-employed badly need reaffirmation, and allowing our citizens to keep virtually all of their earnings can rebuild and reinvigorate the psyche of a country badly damaged by the coronavirus and the concomitant wide-scale societal shutdowns. As many parts of America reopen, the surest way to add vigor to the restart is cash in the bank accounts and pockets of workers. But rather than some centrally planned, top-down command structure, taking taxes to zero will empower millions of Americans to make their own informed decisions about spending, hiring, and investing.