While I support comprehensive tax reform, I do not support the flawed legislation presently before us. I have repeatedly said it is long past time to close tax loopholes, end the practice of tax earmarks and lower tax rates on American families and employers. I support a long-term ``doc fix'' to ensure that doctors continue to accept Medicare patients. I support the Keystone XL pipeline and efforts to reform unemployment insurance, all of which are included in this bill. However, these are not the central issues of the legislation we are considering today. The issue today, as defined by both political parties and the president, is whether or not a temporary--and costly--one-year payroll tax ``holiday'' should expire at the end of the month. The real issue is whether it is responsible for Washington to further shortchange the Social Security Trust Fund at a time when it is already on an unsustainable path. This ``holiday'' is a raid on Social Security, which is already going broke. Social Security is unique because it is paid for through a dedicated tax on workers who will receive future benefits. The money paid today funds benefits for existing retirees, and ensures future benefits. Because you pay now, a future retiree will pay your benefits. That is why, until last year, this revenue stream was considered sacrosanct by both political parties. Raw facts demonstrate that Social Security is on an unsustainable path.…
On the recordDecember 13, 2011
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