Political Quotes

“the passage of the tax legislation that we are considering today will be a triumph for our Nation's seniors. One of the most onerous and counterproductive taxes that exists in our current code is the Social Security earnings test. This penalty reduces Social Security benefits for those ages 65 to 69 by $1 for every $3 earned above $11,280--a 33-percent marginal tax rate. In fact, because of President Clinton's 85 percent tax on so called wealthy senior's benefits, many workers age 65 to 69 face a marginal tax rate as high as 88.8 percent. Without question, these high marginal tax rates affect the behavior of senior workers. About 1.9 million retired workers in this country age 65 to 69 who are eligible for Social Security benefits earn income. An inordinate number of them earn up to or near the earnings limit and then quit working. It is obvious that these workers earn all they can without being subject to the retirement earnings penalty. Mr. Chairman, I know first hand of such behavior and the importance of this legislation.”