[Congressional Record Volume 141, Number 62 (Tuesday, April 4, 1995)]
[House]
[Pages H4159-H4160]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




           H.R. 1215, TAX FAIRNESS AND DEFICIT REDUCTION ACT

  The SPEAKER pro tempore (Mr. Hoke). Under a previous order of the 
House, the gentleman from Kentucky [Mr. Bunning] is recognized for 5 
minutes.
  Mr. BUNNING. Mr. Speaker, I want to extend my thanks to all the 
Members who have worked so hard on Congress' contract with senior 
citizens--our commitment to bring economic equity to the older 
generations of Americans.
  Serving as chairman of the Social Security Subcommittee and working 
with many of my colleagues who share my concerns about the welfare of 
seniors has been a fulfilling and challenging experience.
  We have accomplished a lot in just 3 short months. This week we will 
see our efforts pay off. This week is a turning point for America's 
senior citizens.
  On the first day of this Congress, I, along with Mr. Hastert, Mrs. 
Kelly, and Mrs. Thurman, introduced the Senior Citizens Equity Act, 
H.R. 8.
  Four of the provisions under the Senior Citizens Equity Act have been 
incorporated into the Tax Fairness and Deficit Reduction Act which will 
be on the floor tomorrow.
  The Social Security Subcommittee has worked diligently on two of 
these--the repeal of the 1993 Social Security tax increase and a three-
fold increase in the earnings limit for Americans over age 65.
  Our subcommittee held hearings and heard from real Americans--working 
seniors who are unduly burdened by Government policy.
  That's what this contract is about--real Americans, working 
Americans. And giving them the ability to work and earn.
  Just as important as the ability to work is the ability to keep what 
they have spent a lifetime building.
  When we made a Contract With America, we also made a promise to 
senior citizens to restore financial equity and fairness.
  Now we are going to keep that promise, by relieving older Americans 
of some of the major financial burdens 
[[Page H4160]] placed on them by the Federal Government.
  The Government is burdening seniors with tax rates as high as any 
millionaire could pay. I read in the paper the other day that the new 
top marginal tax bracket for some retirees is 51.8 percent.
  The Government is burdening them with disincentives to work and 
contribute beyond retirement age. Current law requires that seniors 
between the ages of 65 and 69 lose $1 in Social Security benefits for 
every $3 they earn above $11,280.
  Most important, the Government has been burdening them with polices 
that say no. Policies that just don't make sense.
  Where is the common sense in a national policy that says don't plan 
and don't save for your retirement years. Don't continue to work and 
contribute to society past age 65. Don't expand your long-term-care 
insurance.
  These policies just don't make sense.
  It's time the naysaying of the Federal Government stopped. It's time 
Congress stood up and said yes to our seniors.
  Yes to lifting the earnings limit to $30,000. Yes to repealing the 
1993 tax hike on Social Security benefits. Yes to providing tax breaks 
for long-term-care insurance.
  There was no good reason to increase the Social Security tax on 
benefits in 1993. It was unfair to single out Social Security for a 35-
percent tax increase. We are going to repeal it.
  It is bad policy to hold older American's earned income to $11,000 a 
year.
  The earning limit is an antiquated policy that punishes older 
Americans for being productive citizens. Many older Americans must work 
to make ends meet. Senior citizens have a wealth of knowledge and 
experience to share.
  The time has come to stop punishing senior citizens. The time has 
come to recognize hard work, savings, and contributions to society. The 
time has come and it is now.
  We are going to move forward with the Senior Citizen's Equity Act by 
passing the Tax Fairness and Deficit Reduction Act tomorrow.


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