On the recordJune 27, 1997
I offer an amendment to deal with a different group of Americans, people not of high or medium income, but people of no income. Even in good economic times, through no fault of their own, through mergers, acquisitions, downsizing, or foreign competition, companies need to sometimes reduce their work force. And corporate America is responding responsibly by offering severance pay. My amendment simply takes the first $3,000 of severance pay offered to any American who loses their job through downsizing and makes that $3,000 tax free. It is offset. It is responsible. It is an appropriate Government response to a corporate policy which is the right way to help Americans to adjust to start their own businesses or retirement. I urge the adoption of the amendment.
Source
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