Nick Smith said "I would just suggest that it is very dangerous if we continue to rely on tax increases to solve this problem. Today, the American working families pay more, 75 percent of American working families pay more in the FICA tax, Social Security tax, than they do in the income tax. So I would hope, even though I suggest we keep everything on the table, let us at least consider the imposition of increased taxes. I would plead with my colleagues not to use as an excuse the fact that if the government pays back everything that it has borrowed from the Social Security Trust Fund, that we will continue to have enough money until the year 2032." @ PoliticalQuotes.com

On the recordApril 29, 1998

I would just suggest that it is very dangerous if we continue to rely on tax increases to solve this problem. Today, the American working families pay more, 75 percent of American working families pay more in the FICA tax, Social Security tax, than they do in the income tax. So I would hope, even though I suggest we keep everything on the table, let us at least consider the imposition of increased taxes. I would plead with my colleagues not to use as an excuse the fact that if the government pays back everything that it has borrowed from the Social Security Trust Fund, that we will continue to have enough money until the year 2032.

Said by

Nick Smith

Republican · Michigan

Source

govinfo.gov

Editor's note · Context

Discussing the implications of tax increases on American workers and Social Security funding.

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