Political Quotes

“I am concerned about an unfair tax on coal companies and other businesses which is sometimes referred to as the ``reach-back tax.'' It was enacted as part of the Coal Act in the 1992 Energy bill. The Coal Act requires companies to pay a tax on the retirement benefits of miners. The tax applies not only to companies active in the coal mining business but also to companies that are no longer in the coal mining business. There is one company in the State of Washington that has not employed any miners since the 1950s and is still obligated to pay. Another company that is subject to the tax is the Mississippi Lignite Mining Company, which operates a powerplant at Red Hills near Ackerman, MS. It is time for the Congress to repeal this unfair tax. If we do not act soon, the combined benefit fund, which provides the money for the retirement benefits, will be bankrupt. I understand that the distinguished chairman of the Senate Finance Committee, Mr. Grassley, and the Senator from Oregon, Mr. Smith, have asked the House Ways and Means Committee to send a bill to the Senate to resolve this issue.”