[Congressional Record Volume 141, Number 186 (Monday, November 20, 1995)]
[Extensions of Remarks]
[Page E2219]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]


[[Page E 2219]]


                 THE SENIOR CITIZEN'S RIGHT TO WORK ACT

                                 ______


                         HON. J. DENNIS HASTERT

                              of illinois

                    in the house of representatives

                       Monday, November 20, 1995

  Mr. HASTERT. Mr. Speaker, I rise today to support the introduction of 
the Senior Citizen's Right to Work Act of 1995. This bill provides 
long-awaited relief for America's working seniors. By passing this 
bill, Congress fulfills the pledge we made just 3 short weeks ago to 
lift the Social Security earnings limit by the end of 1995.
  That pledge was:

       Whereas the House of Representatives has overwhelmingly 
     passed legislation to raise the exempt amount under the 
     Social Security earnings limit three times, in 1989, 1992, 
     and 1995;
       Whereas such legislation is a key provision of the Contract 
     With America;
       Whereas the President in his 1992 campaign document, 
     ``Putting People First'' pledged to lift the Social Security 
     earnings limit; and
       Whereas the Social Security earnings limit is a depression-
     era relic that unfairly punishes working seniors: Now, 
     Therefore, be it
       Resolved by the House of Representatives (the Senate 
     concurring), That it is the intent of Congress that 
     legislation will be passed before the end of 1995 to raise 
     the Social Security earnings limit for working seniors aged 
     65 through 69 in a manner which will ensure the financial 
     integrity of the Social Security Trust Funds and will be 
     consistent with the goal of achieving a balanced budget in 
     seven years.

  The unfair earnings limit penalizes low- and middle-income seniors 
who need to work. The earnings limit takes away $1 of every $3 a senior 
earns over the limit. In 1995, this limit is a mere $11,280. This bill 
will lift the level to $14,000 in 1996 and up to $30,000 by 2002. If 
current law remains in effect, the $14,000 threshold won't be hit until 
2002.
  Working seniors don't have pension income or stocks and bonds tucked 
away. They never had the chance to save and invest. And yet, they get 
hit with a marginal tax rate of 56 percent when they exceed the limit--
nearly twice the rate millionaires pay. But those seniors who do live 
off investment income are not impacted by the earnings limit.
  Folks, this is just not right. America's working seniors should not 
be punished just because they never had money to tuck away and must now 
keep working to make ends meet. It is time to remove the penalty on 
seniors who need to keep working.
  I want to commend my friend, Representative Bunning, who has done 
yeoman's work to bring this issue to the fore. Even though we know 
working seniors will pay more into our economy and more than offset the 
costs associated with lifting the earnings limit, the Congressional 
Budget Office will not allow this ``dynamic'' method of scoring. Thus, 
Mr. Bunning has put together a proposal that meets the CBO's budget 
rules.
  The House Ways and Means Committee will be considering this 
legislation tomorrow. And soon after, the Congress will consider this 
bill on the floor.
  We promised working seniors that we would provide relief before the 
end of the year, and we're going to keep that promise. Working seniors 
across America can trust Congress to deliver relief when they need it 
most. I urge my colleagues to cosponsor this bill today.

                          ____________________