Jim Bunning: “I am offering an amendment as a sense of the Senate on the Social Security tax; that the 85-percent tax repeal be set at…”

“I am offering an amendment as a sense of the Senate on the Social Security tax; that the 85-percent tax repeal be set at a certain time during the year 2003 and final consideration of the bill be no later than September 30, 2003. I want to bring the Senate up to date on this specific tax. Prior to 1993, seniors were taxed on 50 percent of their Social Security benefits if their incomes were above a certain level. This money went back into the Social Security System. In 1993, Congress passed a provision requiring that 85 percent of a senior's Social Security benefits be taxed if certain income levels were met. This additional money went back into the Medicare system. This tax was unfair to seniors back in 1993, and it certainly is unfair today. The amendment I am offering as a sense of the Senate allows the Finance Committee to pass legislation by July 31, 2003, which repeals this unfair tax to our seniors and requires the Senate to act on this legislation no later than September 30, 2003.”