Jack Kingston: “the gentleman is correct. Right now. Seniors who decide to keep working are penalized $1 on their Social Security for…”

“the gentleman is correct. Right now. Seniors who decide to keep working are penalized $1 on their Social Security for every $3 they earn in the workplace. What a ridiculous Tax Code that we have. Let me speak about another thing. You mentioned the family, the different phases of life. As I listen to this, we know already that 77 percent of the people who will benefit from tax relief have a combined family income of $75,000 or less. And yet we are making it also clear that it helps young people, helps seniors, and it helps middle-income, it helps families with children. Getting back to my UPS truck driver with three kids, under my proposal he will get a $1,500 tax credit, $500 for each kid. That is $1,500 in his pocket. Now let us say, on the other hand, we say do not do that; let us increase minimum wage 50 cents. We increase minimum wage 50 cents, which might come out to $1,000 more a year in income. It is not a net income figure, because he still pays taxes on that. So it comes to about $600. If you give the American worker a choice between increasing the minimum wage and a $500 per child tax credit, $500 per child tax credit, it puts more money in the pocket of the American worker, and that is why I am baffled by anyone in this Chamber who would vote against that.”