Florida Rep. Proposes Interest Exclusion

Representative Cliff Stearns (R-FL) introduced H.R. 228, a bill designed to encourage savings among low and middle-income taxpayers and by allowing the exclusion of $400 of interest income from gross income ($800 for joint filers). It also would save tax preparers the trouble of tracking down information on small amounts of interest earned.

E@lert estimates that this bill is only marginally more likely to pass than another bill recently authored by Rep. Stearns that would require the Ten Commandments to be displayed at the U.S. Capitol.