William Tauzin: “Even if the cost did not come down, Americans would come out better. I am often asked, what about Americans who are not…”

“Even if the cost did not come down, Americans would come out better. I am often asked, what about Americans who are not earning an income? What about Americans who are retired? First of all, most retired Americans are earning an income. They are collecting money that taxes were delayed upon and later on taxes are collected upon, pension incomes, what have you. All those taxes on that income are repealed under our bill. The Social Security tax, the tax on Social Security earnings is repealed under our bill. The taxes earned in money markets or investments made by seniors for their later years are repealed under this bill. Most importantly, most seniors who are under Social Security or other subsidy programs, pensions, have COLA adjustments to protect them against any impacts this tax may have upon the price of anything. We think prices are going to go down but if they do not, CPI adjustments take care of that. In short, we think every income category from those who retire all the way to those who are earning in our society at full levels are going to be better off under this bill.”