Statement of Congressman Ron Paul

United States House of Representatives

Madam Speaker, today I am introducing two pieces of legislation to help the increasing number of Americans who, because of the Government-created recession, have lost their jobs. The first piece of legislation, the Unemployed Tax Relief, makes a laid-off  worker’s last paycheck tax free. 

The second bill, the Unemployment Assistance Act, allows the unemployed to make penalty-free withdrawals from accounts such as Roth IRAs or 401(K)s, to cover routine living expenses, health care expenses, or to help pay for education and job training. Those who make these penalty-free withdrawals while unemployed will be able to replenish their accounts once they have started a new job. 

Madame Speaker, while we may disagree on the best solutions to the economic crisis gripping the nation, I hope my colleagues will at least agree on these common-sense measures and cosponsor the Unemployed Tax Relief Act and the Unemployment Assistance Act.