Political Quotes

“today we are considering very important legislation which will eliminate one of the most unfair tax burdens even placed on Americans and give our senior citizens the freedom to work. The high tax rate on the earnings of older Americans has created a significant roadblock at a time when workforce participation by these individuals is extremely important to the continuing growth of the U.S. economy. Economists and Federal Reserve Board officials, including Chairman Alan Greenspan, have expressed concern that the shrinking pool of available workers cannot satisfy the surging quantity of goods and services demanded by the American people and people around the world. I have heard a number of stories, some during a hearing I held as Chairman of the Oversight Subcommittee for the Education & Workforce Committee, and others more recently during town hall meetings I held last week in West Michigan. In each case the message was the same: the current system discourages older Americans from re-entering or continuing in the workforce. We need to keep these individuals in the workforce and the repeal of the earnings limit will be an essential step in encouraging their participation.”