HomeMy WebLinkAboutResolution 405 10% Witholding Tax
RESOLUTION NO. 405
A RESOLUTION OF THE CITY OF WINTER SPRINGS, FLORIDA, OPPOSING
THE 10% WITHHOLDING TAX.
WHEREAS, the United States Congress passed a law imposing a 10%
withholding tax against the money you earn on your savings, and
WHEREAS, all credit unions, banks, money market funds, and other
payers of interest or dividends will be required automatically to withhold
10% of the interest or dividends earned by their customers and transmit this
"early tax payment" to the Federal government, and
WHEREAS, even modest-income senior citizens will be affected, unless
they go through the complicated red tape of filing a Federal application for
exemption, and
WHEREAS, this will cause a hardship on many residents of Winter
Springs.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY
OF WINTER SPRINGS, FLORIDA,
SECTION I - That the City Commission of the City of Winter Springs,
Florida, opposes the 10% withholding tax.
SECTION II - That the 10% withholding tax would cause undue hardship
on many residents of the City of Winter Springs, Florida.
SECTION III - That a copy of this resolution be sent to the rep-
resentative of our District in Washington and to our Senators in Washington.
Attest:
SECTION IV - This resolution becomes effective immediately.
Passed and adopted this 25 day of January, 1983.
CITY OF WINTER SPRINGS, FLORIDA
JOHN V. TORCASO, MAYOR
ATTEST:
Mary T. Norton
City Clerk