Jim Bunning: “this amendment is a much needed amendment. It repeals the Clinton tax increase on Social Security benefits that passed…”

“this amendment is a much needed amendment. It repeals the Clinton tax increase on Social Security benefits that passed by one vote in 1993. Before 1993, seniors were taxed on 50 percent of their Social Security benefits if their incomes were above $25,000 for individuals and $32,000 for couples. After the increase, individuals who made over $34,000 and couples who made over $44,000 paid taxes on 85 percent of their Social Security income. These figures have not been adjusted for inflation for the past 10 years. The tax hike was unfair in 1993. It is unfair today. On the one hand, we tell the seniors to plan and save for retirement. On the other hand, we tax them for doing just that. That doesn't make any sense. We ought to repeal this tax. Some of us have been trying to undo this mistake for 10 years. The amendment would allow the Finance Committee to finally finish the job. I urge support for the amendment to end this unfair tax on seniors and their Social Security benefits.”