[Congressional Record Volume 144, Number 130 (Friday, September 25, 1998)]
[House]
[Pages H8721-H8722]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




              TAX CUT BILL WILL HELP EVERY SENIOR CITIZEN

  (Mr. SOLOMON asked and was given permission to address the House for 
1 minute.)
  Mr. SOLOMON. Mr. Speaker, I am getting ready to bring up the tax cut 
bill, but I sit here and the one thing I will not miss when I retire 
January 1 is all this rhetoric about Social Security.
  I represent Hyde Park, New York, the home of Franklin Delano 
Roosevelt. In 1933, he established this rainy day fund. It was a forced 
savings account so that the American people would have to put aside a 
little bit, so they would not become wards of the state when they 
finally get around to retiring, perhaps at 65 or later. Enough said on 
that.
  Mr. Speaker, the tax cut bill that is coming up is going to relieve 
senior citizens who now have to pay penalties when they go out and work 
while they are drawing from that savings account that they paid into 
for 65 years.
  We are going to raise that limitation from $14,500, which it is now, 
up to $17,000 with no penalty next year. After that, $18,500 with no 
penalty, and the year after that, $26,000.
  Mr. Speaker, I urge my colleagues to come over here and stop all of 
this rhetoric and vote for the tax cut bill that is going to help every 
senior citizen in America.

[[Page H8722]]



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