Russell Dill said he is hoping for gridlock in downtown Peoria today.
It is April 15 — Tax Day — and Dill told me last week he expects several thousand people downtown to protest tax policies at the federal level.
I went down there today to watch what would unfold. You can watch the TV news tonight to see if the expected masses showed up.
I doubt they did. But, even a few people showing up is better than nothing.
“We’re upset about mis-spending and over-taxation,” Dill said.
Who isn’t?
“I think we should go back to most federal tax money being raised by tariffs and import/export taxes. We need to do away with income taxes at the federal level.”
I don’t know about that. But, there are some legislators at the federal level trying to come up with some new taxation ideas.
On April 2, I received the following from the office of U.S. Rep. Aaron Schock (R-Peoria).
Schock said a recent study by professors at Stanford and Rutgers estimated that suspending only 40 percent of the payroll tax could create between two and four million jobs.
Schock and Rep. Walt Minnick (D-Idaho) announced legislation to give small-business owners and employees a 100 percent suspension of the payroll tax for six months. They call it the Reclaiming Earnings to Lift Individuals, Employers and Families, or RELIEF Act.
The proposed legislation would give a tax holiday to employers and employees of businesses with 50 or fewer workers.
The legislation was introduced just before the current recess of the congress. Schock and Minnick are working on getting as many co-sponsors as possible.
“In sharp contrast to the so-called stimulus package, the RELIEF Act will allow small businesses to keep employees on the payroll, hire new employees and make capital investments,” Schock said.
“Instead of simply attempting to borrow and spend our way out of our current challenges, suspending the payroll tax will have a positive impact on individuals throughout the economic spectrum.”
Estimates put the economic benefits of a holiday on payroll taxes at about $120 per week for each of the 33 million American workers who are employees of small businesses.
Nearly three-quarters of American households pay more in payroll taxes than income taxes, and small business owners are stuck paying this tax, regardless of the profitability of their business.
The RELIEF Act sounds good until you dig a little deeper.