1980-36 Urging Congress to Oppose Legislature for Banks to withold Tax Money on Savings AccountsRESOLUTION N0. 3G-80
A R}:SOLUTION OF T}IE VILLAGE COUNCIL OF NORTH PALM BF,AC}[,
}'{,OR1llA, URGING AND REQUESTING THE MEMBERS OF THE, l1NITED STATES CONGRESS
TO 0]'POSI: LF,GIShATION W}IICH WOULD PROVIDE THAT FIFTEEN (1.5%) I'};RCEN'P BI;
W1:17[}II;I,D BY BANKS ON ALh SAVINGS ACCOUNTS FOR U. S. INCOME, TAX DUI;
' 7'}IF,R};ON; AND FURTHER PROVIDING FOR AN EFFECTIVE DATE HEREOF.
WHF,REAS, The U. S. Treasury Department has requested Congress
to enact a ].aw requiring that fifteen (15%) percent of all interest
earned on savings accounts be withheld and paid by the bank direct to
the }eternal Revenue Service; and
W}{EREAS, Such imposition of tax withholding will reduce the use
oi' the monies by many citizens as well as the compounding effect oi'
:iutcrest on a]]. monies withheld by the banks; and
WI{I;R}>AS, More incentives are now needed to increase the amount
of savings to provide the capital and employment for a reasonable
non-inflationary economy; and
' WI[F,REAS, Ci.tirens are saving less money due to inflation in
order to meet reasonable living standards.
NOW, T}[EREPORE, BE IT RESOLVF,D BY T}fE VILLAGE COUNCIh OF NORTH
MAIM RI;AC}{, FI;ORIDA:
Section 1. The members of the U. S. Senate and the Ifouse 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 forwardi_ug
of same to the U. S. Internal Revenue Service. Any such withholding
proposa] will further lessen the compowrding of interest for additional.
income by the savings account holder.
' Incentives are needed to encourage additional savings rather
than lessen same. T]re life blood of the construction industry,
especia]ly 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.
Chi.]es, Honorable Richard Stone, }{onorable Daniel A. Mica, ]Ionorable
I.. A. Bafalis and such other governmental officials as the Mayor sha]..l
direct.
Section 3. This Resolution shall take effect immediately upon
passage.
PASSED AND ADOPTED T}[IS 24T}[ DAY OF JULY, 1980.
~~ ,~~
MAYOR
AT1'I;ST:
' V]:I.IJ~GB CLERK
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