|
Promoting Innovation and Economic Growth through Employee Ownership
April 8, 2002
The Honorable Dennis Hastert
Speaker of the House
United States House of Representatives
Washington, DC 20515
Re: Oppose H.R. 4075, the Stark-Frank-Rivers Stock Options Tax Bill
Dear Speaker Hastert:
The undersigned trade associations ask that you oppose the stock options
tax bill, H.R. 4075, recently filed by Representatives Stark, Frank and
Rivers. This legislation, if enacted, would:
- discourage broad-based, rank-and-file access to stock options;
- lead to investor confusion and less accurate financial statements;
and
- raise taxes on companies issuing employee stock options.
Proponents of this legislation erroneously claim Enron's accounting for
its employee stock options significantly contributed to its collapse.
The stock options granted to Enron's employees were fully and clearly
disclosed in its financial statements and had little if anything to do
with its downfall.
We strongly support responsible reforms that will respond to the real
causes of Enron's collapse. H.R. 4075 will needlessly inflict harm on
employees who have benefited from broad-based options plans, investors
who seek transparent, accurate data on financial statements, and businesses,
large and small, that are seeking to build our economy out of recession
unburdened by unfair tax increases.
Again, we urge you to oppose the stock options tax bill, H.R. 4075, filed
by Representatives Stark, Frank and Rivers.
Sincerely yours,
AeA (American Electronics Association)
American Bankers Association
American Benefits Council
American Business Conference
American Frozen Food Institute (AFFI)
Arizona Software & Internet Association
Biotechnology Industry Organization (BIO)
The Business Roundtable
Business Software Alliance
California Healthcare Institute
Electronic Industries Alliance
Financial Executives International
The Financial Services Roundtable
Grocery Manufacturers of America
Information Technology Association of America
International Mass Retail Association
Labor Policy Association
National Association of Manufacturers
National Association of Stock Plan Professionals
National Food Processors Association
National Retail Federation
National Soft Drink Association
National Venture Capital Association
Securities Industry Association
Semiconductor Equipment & Materials International
Semiconductor Industry Association
Snack Food Association
Society for Human Resource Management
Software & Information Industry Association
Software Finance and Tax Executives Council
The Technology Network (TechNet)
U.S. Chamber of Commerce
| 
Printer Friendly