Political Quotes

“More than 70 percent of all Social Security beneficiaries have annual incomes of $30,000 or less. Asking these people--the retired elderly, 70 percent of whom make $30,000 or less--to give up some of their benefits could create very real hardships. Even middle-income seniors rely heavily on Social Security as their primary source of retirement income. More than half of all the people over age 65 rely on Social Security for at least half of their income, and nearly one-quarter of them rely on Social Security for 90 percent or more of their income. Without that income from Social Security, many would have a very difficult time meeting their expenses indeed. Third, the reason I would oppose means testing for Social Security is the benefit structure is very strongly progressive so that lower income beneficiaries receive a significantly higher percentage over their earned income back in benefits. The program provides much greater returns to those who are at the lower end of the economic ladder. Also, as of 1984, the benefits to wealthier recipients are subject to a Federal income tax. Just last year the portion of benefits that is taxed increased from 50 percent to 85 percent, and this has had the effect of reducing the benefits for wealthier beneficiaries. One in five beneficiaries currently pays taxes on benefits.”