We the American people, are concerned about the potential for additional economic hardship being imposed on many taxpayers during the current economic crisis by Internal Revenue Code (IRC) Section 72(t), which imposes a 10% additional tax on early distributions from qualified retirement plans.
We believe that in the interest of fairness and equity that Congress should consider enacting a number of targeted, short-term exceptions to the 10% additional tax that would address some of the more serious scenarios faced by taxpayers as a result of the economic crisis.