[Congressional Record Volume 141, Number 63 (Wednesday, April 5, 1995)]
[House]
[Page H4188]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]


           SENIOR AMERICANS: AMERICA'S MOST PRECIOUS RESOURCE

  (Mr. HASTERT asked and was given permission to address the House for 
1 minute and to revise and extend his remarks.)
  Mr. HASTERT. Mr. Speaker, as we know, the American family is 
overtaxed. But our families are not limited to just young newlyweds or 
those with kids in college. Our families include our parents and 
grandparents. And just as high taxes are antijobs and antifamily, they 
are antiseniors.
  Here are the facts:
  Senior citizens with an average income face the highest marginal tax 
rates in the country In fact, for seniors 40- to 80-percent tax rates 
are not uncommon;
  A senior working at a job that pays $5 an hour will only net $2.20 an 
hour after he or she works even 1 hour past the current $11,280 
earnings limit; and
  A senior who earns juat $1 over the earnings limit annually will face 
an effective marginal tax rate of 56 percent.
  Mr. Speaker, we need to restore tax fairness to all families, 
including seniors. Why should the American dream disappear when someone 
turns 65? Why should someone be discouraged from working just when they 
can offer years of experience and wisdom? By raising the earnings limit 
to $30,000 we will be raising the hopes and futures of one of our 
Nation's most precious resources, our senior Americans.


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