HomeMy WebLinkAboutResolution No. 3845 RESOLUTION NO. 3845
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF DOWNEY
CONDEMNING THE PROPOSAL TO WITHHOLD 15% IN INCOME TAX
ON INTEREST EARNED FROM SAVINGS ACCOUNTS.
WHEREAS, the City Council of the City of Downey is interested in
less government rather than more; and
WHEREAS, the City Council of the City of Downey is against
interest -free loans to the Federal government; and
WHEREAS, the City Council of the City of Downey thinks that
enough money is already withheld from the poor wage earner for income
tax; and
WHEREAS, the City Council of the City of Downey thinks the cost
of collecting this withholding would be too great to be cost effective;
and
WHEREAS, the City Council of the City of Downey thinks that the
Federal government already receives enough money with the current pro-
gressive income tax during inflation.
NOW, THEREFORE, THE CITY COUNCIL DOES RESOLVE AS FOLLOWS:
SECTION 1. That the Administration is making a grave error by
proposing to withhold 15% in income tax on interest earned from savings
accounts.
SECTION 2. That the Administration should take that proposal and
drop it forever.
SECTION 3. The City Clerk shall certify to the adoption of this
Resolution and shall provide for appropriate distribution thereof.
APPROVED AND ADOPTED this 22nd day of July , 1980.
J
CT , - _ ...--
Theodore H. Jackman, Mayor
ATTEST: fF
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p y Clerk
I HEREBY CERTIFY that the foregoing resolution was duly adopted
at a regular meeting of the City Council of the City of Downey held on
the 22nd day of July , 1980, by the following vote, to wit:
AYES: 5 Council Members: Swearingen, Mackaig, Quinn, Cormack, Jackman
NOES: 0 Council Members: None
ABSENT: 0 Council Members: None
I
D u Clerk