Political Quotes

“I am pleased to have my colleague, Senator Phil Gramm, join me as an original cosponsor of the Senior Citizens Income Tax Relief Act. This legislation would give seniors relief from the Clinton Social Security tax increase of 1993. The recently passed Federal budget deal provides target levels for new spending and for modest tax relief. As Congress begins to write the bills to implement this budget blueprint, attention turns to the details. One of them is whether there will be sufficient room for tax relief for senior citizens. Millions of America's senior citizens depend on Social Security as a critical part of their retirement income. Having paid into the program throughout their working lives, retirees count on the Government to meet its obligations under the Social Security contract. For many, the security provided by this supplemental pension plan is the difference between a happy and healthy retirement and one marked by uncertainty and apprehension, particularly for the vast majority of seniors on fixed incomes. As part of his massive 1993 tax hike, President Clinton imposed a tax increase on senior citizens, subjecting to taxation up to 85 percent of the Social Security received by seniors with annual incomes of over $34,000 and couples with over $44,000 in annual income. This represents a 70-percent increase in the marginal tax rate for these seniors.”