STATEMENT BY AMERICA'S COMMUNITY BANKERS AND THE INDEPENDENT COMMUNITY BANKERS OF AMERICA URGING INTEREST INCOME TAX RELIEF TO FURTHER ENHANCE THE PRESIDENT'S STIMULUS PACKAGE
Joint News Release
America’s Community Bankers • Independent Community Bankers of America
January 8, 2003
Contacts: ACB — Robert Schmermund, (202) 857-3104; ICBA — Paul Merski, (202) 659-8111.
Statement by America’s Community Bankers and the Independent Community Bankers of America urging interest income tax relief to further enhance the President’s stimulus package:
America’s Community Bankers and the Independent Community Bankers Association applaud the Bush Administration for proposing a tax relief package to stimulate the economy and help the American investor.
As the administration promotes tax relief for dividend income, we urge the administration to compliment its proposal by offering some relief from the taxation of individual interest income. As the President noted recently, about half of all dividend income goes to America’s seniors; providing additional relief on interest income will especially benefit seniors, as they typically earn the lion’s share of interest on accounts such as certificates of deposits.
Additionally, by complimenting its current proposal, the administration will provide further incentive to savers and also maintain the funding strength of community banks, which are essential to the continued growth of small businesses — the foundation of a strong and growing economy.
We urge the administration to enhance its tax plan by providing an individual exemption for interest earned. We look forward to working with the administration and Congress to address this issue.
America’s Community Bankers is the national trade association committed to shaping the future of
banking by being the innovative industry leader strengthening the competitive position of
community banks. To learn more about ACB, visit
www.AmericasCommunityBankers.com.
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