END PESKY TAX ON CHECKING-ACCOUNT INTEREST

A Southeast Missouri native busy making his mark as a freshman U.S. congressman has an idea that could make a small but significant difference for taxpayers. Rep. Kenny Hulshof of Columbia and a 1976 graduate of Kelly High School in Scott County is a member of the tax-writing House Ways and Means Committee. Hulshof's measure would exempt from taxation the first $200 in interest and dividend income for single filers and the first $400 for joint filers.

Passage of Hulshof's proposal would effectively mean that millions of taxpayers would pay no taxes on their rather minimal savings income. These taxpayers could dispense with the pesky Internal Revenue Service Form 1099, which reports the few dollars bank customers earn from their checking account balances.

"With all due respect to some of the grandiose plans out there, this is a tax bill that is doable," said Hulshof. "I think we will have a modest tax cut this year, and this is doable. ... It would promote simplification in that fewer calculations would be required."

Hulshof has won bipartisan support for his bill and hopes it is something the White House could buy into, especially since it is a break for low- and middle-income taxpayers. It is thought to enjoy a good chance of ending up in whatever tax bill gets passed this year. While we would like to see much larger tax relief from this Congress, and sooner rather than later, it is good to see Rep. Hulshof making this important and constructive contribution.