(10 May 2001) Dear IEEE-USA Volunteer, I'm afraid that many of us have been lulled into believing that enactment of the Retirement Security and Pension Reform Act (that passed the House last week by a vote of 407 to 24) is a sure thing this year. Not! Just like last year, the bill could end up on the cutting room floor in the Senate - unless Senate Finance Committee members and Members of the U.S. Senate hear from their constituents. As many of you know, Finance Committee Chair Chuck Grassley (R-Iowa) is trying to cobble together a reconciliation tax cut proposal that will gradually reduce the top income tax rate to 36 percent (instead of 33 percent as President Bush and the House are urging); repeal the estate tax but not the gift tax; and provide pension reform and educational tax relief. He hopes to be able to reach agreement later this week or early next week and take the package to the Finance Committee for mark up on Tuesday or Wednesday. A floor vote on the tax package is expected the following week. Reportedly, Grassley was told in no uncertain terms by some Republican Committee members (at a closed door meeting yesterday) to make the rate cut component stronger - at the expense of other provisions that Grassley wants to include in the bill. More specifically, Grassley was told to dump the $40 billion IRA expansion/pension reform proposal, the $70 billion alternative minimum tax relief provisions and relief from the marriage penalty in order to speed up the rate cut. In order to prevent this from happening, it is very important that each of you call your United States Senators in Washington (Senate switchboard number is 202/224-3121) as soon as possible. Identify yourself as a constituent and tell the Senator not to dump the pension provisions from the Senate Finance Committee tax package! It's okay to ask for the Senator's tax staffer or, alternatively, to leave a message. Calls to Senate Finance Committee Republicans will be most helpful, but asking Democrats to urge inclusion of the pension package in the reconciliation tax relief proposal should help to facilitate a bipartisan vote when the full committee takes up the bill next week. Here are pertinent names and telephone numbers for Finance Committee members (Senator/Sponsor Status/Key Staffer/Phone):
Senators marked with a # are cosponsors of the Retirement Security and Savings Act (S. 742) Please send questions and feedback regarding your calls to my attention. Thanks for your help! Vin O'Neill (Alert Sent to All IEEE-USA Volunteers) | Top of Page | Policy Log | Public Policy Forum | IEEE-USA | Last Update: 11 May 2001 Copyright © 2001, The
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