[Congressional Record (Bound Edition), Volume 149 (2003), Part 6]
[House]
[Page 7514]
[From the U.S. Government Publishing Office, www.gpo.gov]




                     SIMPLE SAVINGS TAX RELIEF ACT

  (Mr. STEARNS asked and was given permission to address the House for 
1 minute and to revise and extend his remarks.)
  Mr. STEARNS. Mr. Speaker, the House will soon mark up tax 
legislation, including the elimination of dividend double taxation. I 
propose we also provide tax relief for interest earned from savings in 
bank accounts. I have introduced the Simple Savings Tax Relief Act, 
H.R. 1163, which would help all savers, including those in lower-income 
levels who do not earn corporate dividends.
  Like dividend recipients, bank and credit union customers report 
interest as income to the IRS, increasing their tax burden. Let us not 
punish those who invest for a rainy day. Let us encourage them.
  In 1998, the Joint Economic Committee wrote that exemption of 
interest from taxation is a significant economic step we should take, 
and ``such a proposal would primarily benefit the low- and middle-
income taxpayers.''
  H.R. 1163 would permit a single filer to earn up to $200, $400 for a 
joint filer, in bank account interest tax-free.
  It is very simple: let us help those who are primarily low- and 
middle-income taxpayers today.

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