Rob Portman calls for payroll tax holiday

US Senate Candidate Rob Portman offers a rather bold proposal to stimulate the economy:

The Cincinnati Republican spoke in Cleveland Friday afternoon. Among his proposals was one that he maintains would jump-start both hiring, and spending.

Portman said β€œto spur immediate investment by employers and encourage consumption by employees; I support a one year payroll tax holiday. Beginning immediately…. for workers and employers on the first $50,000 of income.”

This idea has been debated within the context of the first stimulus package and has been a part of Newt Gingrich’s American Solutions plan since early summer.

I don’t think we can stimulate our way out of all of our economic troubles, and I am not sure how the tax holiday will play out, but it is certainly a lot better idea than what President Obama and Democrat leaders in Congress have come up with so far.

I hope to look into this issue more and offer a more detailed response. If Portman is serious I am sure this will be an issue on the campaign trail.