Illinois Valley News, Cave Junction, OR Wednesday, March 26, 2003
Page 12
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The Savvy Senior
by Carol Martin
The Seniors Coalition (TSC)
recently called on Congress
to "ax the double tax" on divi-
dend income at a press con-
ference in the U.S. Capitol.
The leading seniors organiza-
tion was joined by Senators
Rick Santorum (R-Pa.), John
Sununu (R-N.H.) and Orrin
Hatch (R-Utah), together with
Representatives Chris Cox
(R-Calif.), Eric Cantor (R-
Va.), Ginny Brown-Waite (R-
Fla.) and Candice Miller (R-
Mich.).
The national seniors group
organized the press confer-
ence to galvanize support
one week after the introduc-
tion of legislation that would
provide relief to seniors and
other investors from double
taxation. The Jobs and
Growth Act of 2003 (H.R. 2 /
S. 2) provides for a single
taxation on earnings collected
from the corporation that
pays dividends to investors,
instead of the current double-
taxation system. President
Bush has promoted the idea
as sound fiscal policy and an
engine for new growth.
The Seniors Coalition has
pointed out that the double
taxation of dividends dispro-
portionately harms seniors
because of their reliance on
income from these conserva-
tive investments. "Seniors
aren't able to enjoy the fruits
of their careful planning be-
cause stock earnings that
have already been taxed
once are taxed a second
time, just because the money
changes hands to a senior,"
said Flora "Grandma" Green,
TSC national spokesperson
and grandmother of 23.
"Some have called this pro-
posed reform a boon to the
rich, but the fact is, seniors
receive half of all dividend
payments, and they're not
rich," said Mrs. Green. "For
those seniors who only re-
ceive dividends, the median
dividend income is about
$2,400, with an income of
about $35,500 after taxes.
We're not talking about the
super-rich, the rich or any-
thing close to it," she said.
"Seniors had planned on
these 'widow and orphan'
stocks' being a steady, reli-
able source of old-age in-
come," explained TSC Chair-
man Mary Martin earlier.
"Double taxation of dividends
has thwarted those plans by
pilfering seniors' fixed-
incomes, and by making divi-
dends uneconomical and
stocks more volatile. The re-
sult is falling stock prices and
reduced prosperity for seniors
and all Americans."
(c) 2003 DBR Media, Inc.