[Congressional Record Volume 148, Number 123 (Wednesday, September 25, 2002)]
[House]
[Page H6563]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                              {time}  1015
           TIME TO END INTEREST-FREE LOANS TO THE GOVERNMENT

  (Mr. SAM JOHNSON of Texas asked and was given permission to address 
the House for 1 minute and to revise and extend his remarks.)
  Mr. SAM JOHNSON of Texas. Mr. Speaker, I am here today to call for an 
end to huge interest-free loans to the government. That is why I have a 
plan that would fix a portion of the alternative minimum tax problem 
for those who purchased incentive stock options from their employer. 
H.R. 5398 would allow taxpayers to apply their prepaid ISO taxes under 
AMT against up to half of their regular income tax liability.
  Mr. Speaker, many taxpayers have prepaid thousands of dollars of 
taxes with little ability to use those accumulated credits. In essence, 
people are floating the government a huge interest-free loan. It is 
just plain wrong, and it must stop.
  My bill fixes that so families who have put second mortgages on their 
homes, cashed out retirement savings, sold assets, and struggled to 
work out payment plans with the IRS can get their money back and get on 
with their lives. It is the least we can do for America.

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