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Newspaper
Rio Rancho Observer
Location
Rio Rancho, New Mexico, United States of America
Date
Feb 24, 1983
Page
6
A summary of 1983 withholding rules details a 10 percent tax on most interest and dividend payments starting July 1. Exemptions exist for certain seniors and low liability filers, but must be filed per account. IRAs are exempt from withholding but subject to pension rules. The policy aims to raise about $30 billion in 1983 with 80 million savers affected.
A 10 percent withholding on interest and dividend earnings will apply to cashing savings bonds. The Treasury says the policy promotes tax compliance, with over 95 percent of people paying taxes on interest and dividend income. Congress can repeal before July 1, 1983. contact your representatives to urge repeal.
The Col Edward Lacey Chapter NSDAR will host a reception to honor first through third place essay winners and the Good Citizens Medal recipient on Friday February 25 at 12 30 p m in the Albuquerque Federal Bank Community Room 490 Central NE. Seventy two students from Sandia Preparatory School and St Francis Xavier School will participate and state level winners will be recognized at the NSDAR convention March 10 12 at the Marriott Hotel Albuquerque. A new slate of chapter officers will be installed following the program.
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