[Congressional Record (Bound Edition), Volume 146 (2000), Part 4]
[Senate]
[Page 5712]
[From the U.S. Government Publishing Office, www.gpo.gov]



                   SECTION 415 PENSION REFORM NEEDED

  Mr. GORTON. Mr. President, during this week prior to the April 
deadline for filing income tax returns with the Internal Revenue 
Service, Congress often focuses on the high tax burden shouldered by 
American families and the need for tax reform. Fundamental reform is my 
top tax legislative priority. I believe the entire confusing and 
incomprehensible tax code should be scrapped and replaced with a system 
that is fair, simple, uniform and consistent. Until such fundamental 
reform can take place, I will continue to work in support of tax reform 
measures that correct unfair aspects of the existing tax code mess.
  One section of the code that I believe needs to be changed and 
changed soon is Section 415. Section 415 of the tax code was enacted in 
1974 for the purpose of limiting the pensions of corporate executives. 
Section 415 no longer impacts corporate executives, but it does 
unfairly impact middle income workers who are prevented from collecting 
the full pensions they earned and deserve from their multi-employer 
plan. This is as simple as the tax code keeping workers from being able 
to collect their own money. I believe this injustice should be 
corrected, and I have cosponsored legislation, Senate bill 1209, that 
will restore fairness to this section of the tax code.
  The Senate version of the 1999 tax relief bill included the fix to 
Section 415. I am pleased that the Senate joined me in recognizing the 
absolute need to correct Section 415 and to stop unfairly punishing 
workers by blocking access to their hard-earned pensions, though I am 
disappointed that this change did not become law last year. It was, 
however, an important step towards achieving reform. As the nation 
focuses on tax season, I reaffirm my dedication to fighting to pass 
legislation to bring fairness to Section 415 of the tax code and ensure 
our nation's workers collect what they have rightfully earned.

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