June 4, 2002
H.R. 4823 - Holocaust Restitution Tax Fairness Act of 2002
(Rep. Shaw (R) Florida)
Administration strongly supports House passage of H.R. 4823, which
will ensure that victims of the Holocaust and their families are
permanently relieved of the unfair burden of taxation of restitution
payments. Restitution payments arising from tragedies inflicted
on victims during the Nazi regime should not be made subject to
federal taxation. The Administration urges quick action by Congress
on this legislation.
Administration looks forward to working with Congress to make permanent
the other important components of The Economic Growth and Tax Relief
Reconciliation Act of 2001.
law that would reduce receipts or increase direct spending is subject
to the PAYGO requirements of the Balanced Budget and Emergency Deficit
Control Act (BEA) and could cause a sequester of mandatory programs
in any fiscal year through 2006. The requirement to score PAYGO
costs expires on September 30, 2002, and there are no discretionary
caps beyond 2002. The Administration will work with Congress to
ensure fiscal discipline consistent with the President's budget
and a quick return to a balanced budget. The Administration will
also work with Congress to ensure that any unintended sequester
of spending does not occur.