HomeMy WebLinkAbout1980-36 Urging Congress to Oppose Legislature for Banks to withold Tax Money on Savings AccountsRESOLUTION NO. 36-80
A RESOLUTION OF THE VILLAGE COUNCIL OF NORTH PALM BEACH,
FLORIDA, URGING AND REQUESTING THE MEMBERS OF THE UNITED STATES CONGRESS
TO OPPOSE LEGISLATION WHICH WOULD PROVIDE THAT FIFTEEN (15%) PERCENT BE
WITHHELD BY BANKS ON ALL SAVINGS ACCOUNTS FOR U. S. INCOME TAX DUE
THEREON; AND FURTHER PROVIDING FOR AN EFFECTIVE DATE HEREOF.
WHEREAS, The U. S. Treasury Department has requested Congress
to enact a law requiring that fifteen (15%) percent of all interest
earned on savings accounts be withheld and paid by the bank direct to
the Internal Revenue Service; and
WHEREAS, Such imposition of tax withholding will reduce the use
of the monies by many citizens as well as the compounding effect of
interest on all monies withheld by the banks; and
WHEREAS, More incentives are now needed to increase the amount
of savings to provide the capital and employment for a reasonable
non -inflationary economy; and
WHEREAS, Citizens are saving less money due to inflation in
order to meet reasonable living standards.
NOW, THEREFORE, BE IT RESOLVED BY THE VILLAGE COUNCIL OF NORTH
PALM BEACH, FLORIDA:
Section 1. The members of the U. S. Senate and the House of
Representatives be and they are hereby requested to defeat any bill
which provides for withholding of U. S. income tax on interest earned
on savings accounts by banks maintaining such accounts and the forwarding
of same to the U. S. Internal Revenue Service. Any such withholding
proposal will further lessen the compounding of interest for additional
income by the savings account holder.
Incentives are needed to encourage additional savings rather
than lessen same. The life blood of the construction industry,
especially in South Florida, is the ability of banks to lend mortgage
monies to provide homes and commercial structures. Any withholding
provision as to interest can only have a detrimental effect on the
economy as well as the life style of the many senior citizens of this
country.
Section 2. The Village Clerk is hereby,authorized and directed
to provide a certified copy of this Resolution to the Honorable Lawton M.
Chiles, Honorable Richard Stone, Honorable Daniel A. Mica, Honorable
L. A. Bafalis and such other governmental officials as the Mayor shall
direct.
Section 3. This Resolution shall take effect immediately upon
passage.
PASSED AND ADOPTED THIS 24TH DAY OF JULY, 1980,
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VILLAGE CLERK
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MAYOR
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