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S. 553
STATUS INFORMATION
Concurrent Resolution
Sponsors: Senator Hawkins
Document Path: l:\council\bills\swb\6353sd05.doc
Companion/Similar bill(s): 3281
Introduced in the Senate on March 2, 2005
Introduced in the House on May 24, 2005
Currently residing in the House Committee on Invitations and Memorial Resolutions
Summary: Payroll taxes; Social Security benefits
HISTORY OF LEGISLATIVE ACTIONS
Date Body Action Description with journal page number ------------------------------------------------------------------------------- 3/2/2005 Senate Introduced SJ-5 3/2/2005 Senate Referred to Committee on Finance SJ-5 5/18/2005 Senate Committee report: Favorable Finance SJ-11 5/19/2005 Senate Adopted, sent to House SJ-86 5/24/2005 House Introduced HJ-14 5/24/2005 House Referred to Committee on Invitations and Memorial Resolutions HJ-14 5/25/2005 House Committee report: Favorable Invitations and Memorial Resolutions HJ-327 5/26/2005 House Debate adjourned until Tuesday, May 31, 2005 HJ-62 5/26/2005 Scrivener's error corrected 5/31/2005 House Recommitted to Committee on Invitations and Memorial Resolutions HJ-115
View the latest legislative information at the LPITS web site
VERSIONS OF THIS BILL
3/2/2005
5/18/2005
5/25/2005
5/26/2005
COMMITTEE REPORT
May 25, 2005
S. 553
S. Printed 5/25/05--H. [SEC 5/26/05 2:19 PM]
Read the first time May 24, 2005.
To whom was referred a Concurrent Resolution (S. 553) 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
That they have duly and carefully considered the same and recommend that the same do pass:
ROBERT W. LEACH, SR. for Committee.
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 Senate, the House of Representatives concurring:
That the members of the South Carolina General Assembly, 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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