[Congressional Record Volume 151, Number 18 (Thursday, February 17, 2005)]
[House]
[Pages H721-H722]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                         SOCIAL SECURITY REFORM

  (Mr. DeFAZIO asked and was given permission to address the House for 
1 minute.
  Mr. DeFAZIO. Madam Speaker, the debate over the future of Social 
Security is complex and confusing. Even the President seems to be a bit 
confused. His staged town halls have focused on privatization, which 
actually makes the finances of Social Security worse.
  On Saturday, the President talked falsely about the looming 
bankruptcy of Social Security. Worst case scenario, Social Security can 
only pay 75 to 80 percent of benefits starting in 40 to 50 years.
  Until yesterday, he has been proposing cutting benefits even more to 
save the system. But finally yesterday, he opened the door to lifting 
the cap on the tax, on wages which people pay. Right now if you earn 
over $90,000 a year, you do not pay any more Social Security tax. If 
you earn $900,000 a year, you pay the Social Security tax at one-tenth 
the rate of someone who earns $40,000. That is not fair.
  Lifting the cap would assure the solvency of Social Security for at 
least 75 years and potentially could give a tax break to everybody who 
earns less than

[[Page H722]]

$9,000 a year under a plan I proposed in the last Congress.
  Hopefully, the President will continue down the path of fixing Social 
Security first before we have a debate about other programs.

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