William H. Frist said "I had intended to introduce an amendment to modify the taxation of so-called ``special needs trusts'' for disabled persons. The problem that cries out for change was first brought to my attention by a Tennessee constituent who has been contributing funds annually to a special trust for a disabled child. Under current law, the income from such trusts is taxed at very high rates because the tax writers were concerned about possible abusive use of such trusts. After discussion with the two managers of the bill, I am persuaded that we can work together to craft a better solution to this problem than the one I was prepared to propose. Therefore, with the understanding that we can work together in coming months to develop a better answer, I will not seek a vote on my amendment at this time." @ PoliticalQuotes.com

On the recordMay 23, 2001

I had intended to introduce an amendment to modify the taxation of so-called ``special needs trusts'' for disabled persons. The problem that cries out for change was first brought to my attention by a Tennessee constituent who has been contributing funds annually to a special trust for a disabled child. Under current law, the income from such trusts is taxed at very high rates because the tax writers were concerned about possible abusive use of such trusts. After discussion with the two managers of the bill, I am persuaded that we can work together to craft a better solution to this problem than the one I was prepared to propose. Therefore, with the understanding that we can work together in coming months to develop a better answer, I will not seek a vote on my amendment at this time.

Said by

William H. Frist

Tennessee

Source

govinfo.gov

Editor's note · Context

Discussing the taxation of special needs trusts for disabled persons.

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