[Congressional Record Volume 140, Number 58 (Thursday, May 12, 1994)]
[Extensions of Remarks]
[Page E]
From the Congressional Record Online through the Government Printing Office [www.gpo.gov]


[Congressional Record: May 12, 1994]
From the Congressional Record Online via GPO Access [wais.access.gpo.gov]

 
                REPEAL THE SOCIAL SECURITY EARNINGS TEST

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                           HON. DEAN A. GALLO

                             of new jersey

                    in the house of representatives

                         Thursday, May 12, 1994

  Mr. GALLO. Mr. Speaker, although I strongly believe that Congress 
should fully repeal the Social Security earnings test, I rise today in 
support of Mr. Denny Hastert's compromise of a partial repeal that 
would raise the earnings test to $30,000.
  In the 102d Congress, the House of Representatives approved similar 
legislation, but the Senate did not approve it. This fight has gone on 
for far too long, and I commend Mr. Hastert for having the tenacity to 
follow this through. Mr. Speaker, I urge the Congress to discharge a 
rule and consider the bill on the floor of the House.
  You know all the arguments for why this should be done. Seniors have 
a wealth of work experience and are very productive in our communities. 
Their contribution to the workforce will spur billions of dollars in 
our economy.
  We should be outraged at the fact that for a senior working above the 
earnings limit, he or she faces an additional effective tax rate of 33 
percent. That is $1 for every $3 over the limit earned goes straight to 
the Treasury. This just isn't right.
  Furthermore, the repeal does not favor only the rich. Two-thirds of 
those who would benefit from the repeal have an earned income of less 
than $40,000.
  Current seniors have been taking it on the chin during their entire 
retirement years. Last year the administration raised their taxes, cut 
Medicare, and slashed senior citizen housing. Something has gone 
seriously awry as seniors' standards of living have increasingly 
eroded, while Congress continues to tax more and spend more.
  Mr. Speaker, I urge my colleagues to take action today. We owe this 
to the seniors. They deserve the repeal.

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