Political Quotes

“The increased tax on Social Security benefits passed in 1993 was for the purpose of reducing deficit spending, even though the money of the tax was earmarked for Medicare. As far as its justification for deficit reduction, it is appropriate that we repeal this tax increase. We are now experiencing huge surpluses and make up that money to Medicare. Therefore, to continue to justify this tax for deficit reduction is not appropriate. Let me offer another reason why it is appropriate to reduce this tax. Higher-income retirees tend to be workers who paid in more Social Security taxes than lower-wage earners; and because the Social Security system is so progressive, higher-income wage earners already receive a much smaller percentage of what they paid in terms of the benefits they receive. It is not fair in a relative sense that they be additionally penalized by this tax. Now, it is my opinion that eventually, as we lower the tax rate overall, as suggested by Governor Bush, we should tax Social Security benefits the way we tax private pensions.”