South Carolina General Assembly
115th Session, 2003-2004

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Bill 4484

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COMMITTEE REPORT

January 20, 2004

H. 4484

Introduced by Reps. W.D. Smith and Wilkins

S. Printed 1/20/04--H.

Read the first time January 13, 2004.

            

THE COMMITTEE ON

INVITATIONS AND MEMORIAL RESOLUTIONS

To whom was referred a House Resolution (H. 4484) to memorialize Congress of the United States to support no increases in payroll taxes, no cuts to Social Security benefits, and optional Social Security, 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

TO MEMORIALIZE CONGRESS OF THE UNITED STATES TO SUPPORT NO INCREASES IN PAYROLL TAXES, NO CUTS TO SOCIAL SECURITY BENEFITS, AND OPTIONAL SOCIAL SECURITY PERSONAL RETIREMENT ACCOUNTS.

Whereas, demographic changes and cost increases will drain the existing Social Security system; and

Whereas, without significant changes to the system, costs will exceed revenues starting in 2018 and the system will not be able to pay any benefits by 2042; and

Whereas, not reforming the system will require 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 will keep the Social Security system solvent; and

Whereas, allowing younger workers to invest a portion of their income in personal retirement accounts will avoid any benefit cuts and/or tax increases; and

Whereas, allowing younger workers to invest a portion of their income in personal retirement accounts will provide additional savings to younger workers for greater retirement security. Now, therefore,

Be it resolved by the House of Representatives:

That the members of the House of Representatives of the State of South Carolina, by this resolution, memorialize the Congress of the United States to support 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 President of the United States, each member of the South Carolina Congressional Delegation, the President of the United States Senate, and the Speaker of the United States House of Representatives.

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