H*3281 Session 116 (2005-2006)
H*3281 Resolution, By Wilkins, W.D. Smith, Merrill and Tripp
Similar(S 553)
A HOUSE RESOLUTION REQUESTING THE CONGRESS OF THE UNITED STATES TO ENACT NO
INCREASES IN PAYROLL TAXES, NO CUTS TO SOCIAL SECURITY BENEFITS, AND OPTIONAL
SOCIAL SECURITY PERSONAL RETIREMENT ACCOUNTS.
01/12/05 House Introduced HJ-17
01/12/05 House Referred to Committee on Invitations and Memorial
Resolutions HJ-17
01/13/05 House Member(s) request name added as sponsor: Tripp
01/25/05 House Committee report: Favorable Invitations and
Memorial Resolutions HJ-3
01/26/05 House Adopted HJ-36
01/26/05 Scrivener's error corrected
H. 3281
COMMITTEE REPORT
January 25, 2005
H. 3281
Introduced by Reps. Wilkins, W.D. Smith, Merrill and Tripp
S. Printed 1/25/05--H. [SEC 1/26/05 4:52 PM]
Read the first time January 12, 2005.
THE COMMITTEE ON
INVITATIONS AND MEMORIAL RESOLUTIONS
To whom was referred a House Resolution (H. 3281) requesting the Congress of the United States to enact no increases in payroll taxes, no cuts to Social Security benefits, and optional Social Security Personal Retirement, etc., respectfully
REPORT:
That they have duly and carefully considered the same and recommend that the same do pass:
ROBERT W. LEACH, SR. for Committee.
A HOUSE RESOLUTION
REQUESTING THE CONGRESS OF THE UNITED STATES TO ENACT NO INCREASES IN PAYROLL TAXES, NO CUTS TO SOCIAL SECURITY BENEFITS, AND OPTIONAL SOCIAL SECURITY PERSONAL RETIREMENT ACCOUNTS.
Whereas, sweeping demographic shifts have led to cost increases and the current Social Security system is facing insolvency; and
Whereas, when the original pay-as-you go program was setup there were forty-two workers per retiree. Now there are only three workers per retiree and that ratio will soon drop to about two to one; and
Whereas, without significant changes costs will exceed revenues in 2018 and the system will not be able to pay any benefits by 2042. The resulting effect will be that anyone born after the year 1970 will not receive any Social Security benefits; and
Whereas, to remedy this situation under the current system would require either a fifty percent tax increase on every working American or a thirty percent benefit cut; and
Whereas, allowing younger workers to invest a portion of their income in personal retirement accounts would facilitate a greater rate of return and retirement security while avoiding any benefit cuts and/or tax increases. Now, therefore,
Be it resolved by the House of Representatives:
That the members of the South Carolina House of Representatives, by this resolution, request the Congress of the United States to enact no increases in payroll taxes, no cuts to Social Security benefits, and optional Social Security Personal Retirement Accounts.
Be it further resolved that a copy of this resolution be forwarded to the United States Senate, the United States House of Representatives, and to each member of the South Carolina Congressional Delegation.
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