2005-2006 Bill 3281: No Payroll Taxes, No Cuts to Social Security Benefits - South Carolina

South Carolina General Assembly

116th Session, 2005-2006

H. 3281

STATUS INFORMATION

House Resolution

Sponsors: Reps. Wilkins, W.D.Smith, Merrill and Tripp

Document Path: l:\council\bills\nbd\11111sd05.doc

Companion/Similar bill(s): 553

Introduced in the House on January 12, 2005

Adopted by the House on January 26, 2005

Summary: No payroll taxes, no cuts to social security benefits

HISTORY OF LEGISLATIVE ACTIONS

DateBodyAction Description with journal page number

1/12/2005HouseIntroduced HJ17

1/12/2005HouseReferred to Committee on Invitations and Memorial ResolutionsHJ17

1/13/2005HouseMember(s) request name added as sponsor: Tripp

1/25/2005HouseCommittee report: Favorable Invitations and Memorial ResolutionsHJ3

1/26/2005HouseAdopted HJ36

1/26/2005Scrivener's error corrected

VERSIONS OF THIS BILL

1/12/2005

1/25/2005

1/26/2005

COMMITTEE REPORT

January 25, 2005

H.3281

Introduced by Reps. Wilkins, W.D.Smith, Merrill and Tripp

S. Printed 1/25/05--H.[SEC 1/26/05 4:52 PM]

Read the first time January 12, 2005.

THE COMMITTEE ON

INVITATIONS AND MEMORIAL RESOLUTIONS

To whom was referred a House Resolution (H.3281) requesting the Congress of the United States to enact no increases in payroll taxes, no cuts to Social Security benefits, and optional Social Security Personal Retirement, etc., respectfully

REPORT:

That they have duly and carefully considered the same and recommend that the same do pass:

ROBERT W. LEACH, SR. for Committee.

[3281-1]

A HOUSE RESOLUTION

REQUESTING THE CONGRESS OF THE UNITED STATES TO ENACT NO INCREASES IN PAYROLL TAXES, NO CUTS TO SOCIAL SECURITY BENEFITS, AND OPTIONAL SOCIAL SECURITY PERSONAL RETIREMENT ACCOUNTS.

Whereas, sweeping demographic shifts have led to cost increases and the current Social Security system is facing insolvency; and

Whereas, when the original payasyou go program was setup there were fortytwo workers per retiree. Now there are only three workers per retiree and that ratio will soon drop to about two to one; and

Whereas, without significant changes costs will exceed revenues in 2018 and the system will not be able to pay any benefits by 2042. The resulting effect will be that anyone born after the year 1970 will not receive any Social Security benefits; and

Whereas, to remedy this situation under the current system would require either a fifty percent tax increase on every working American or a thirty percent benefit cut; and

Whereas, allowing younger workers to invest a portion of their income in personal retirement accounts would facilitate a greater rate of return and retirement security while avoiding any benefit cuts and/or tax increases. Now, therefore,

Be it resolved by the House of Representatives:

That the members of the South Carolina House of Representatives, by this resolution, request the Congress of the United States to enact no increases in payroll taxes, no cuts to Social Security benefits, and optional Social Security Personal Retirement Accounts.

Be it further resolved that a copy of this resolution be forwarded to the United States Senate, the United States House of Representatives, and to each member of the South Carolina Congressional Delegation.

[3281]1