United States Senator Jim Bunning, Kentucky
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United States Senator Jim Bunning, Kentucky
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Home: Key Issues: Social Security

Social Security


During my years in Congress, I have been actively involved in protecting and strengthening our Social Security system. In fact, I am a member of the Senate Finance Committee, which has jurisdiction over Social Security issues. While serving in the House of Representatives, I was Chairman of the Ways and Means Social Security Subcommittee.

It is critical that Congress work to keep the Social Security system strong and viable not only for our current retirees, but for future generations of Americans. That is why I introduced the Social Security Protection Act in 2003, which took steps to combat fraud and abuse of the Social Security system. Similar legislation was introduced in the House of Representatives. I helped steer this legislation through the Senate, and was pleased that the President signed it into law.

I have also introduced legislation and amendments several times to repeal the income tax increase on Social Security benefits that went into effect in 1993. This is an unfair tax on our seniors, and needs to be repealed. Most recently in March 2007, I achieved a victory on this front when the Senate unanimously approved my amendment to Fiscal Year 2008 Budget Resolution that provides a road map for the repeal of the 1993 income tax increase. The bill will go to conference with the House of Representatives where differences will be ironed out before it becomes law.

For much of my legislative career, I have also fought against an unfair tax on our seniors. When the Social Security system was created, beneficiaries did not pay federal income tax on their benefits. However, in 1983, Congress passed legislation that required Social Security beneficiaries who met certain income thresholds of $25,000 for an individual and $32,000 for a couple to be taxed on 50 percent of their Social Security benefits. In 1993, as part of then-President Clinton’s tax increase bill, an additional tax of 85 percent was placed on Social Security benefits for seniors with incomes above $34,000 for an individual and $44,000 for a couple. Recently, I achieved a victory on this front when the Senate unanimously approved my amendment to FY08 Budget Resolution that provides a road map for the repeal of the 1993 income tax increase. My amendment drops the tax back to its pre-1993 level starting in 2008, eliminating the 85 percent tax tier. That means the maximum amount of social security benefits that can be taxed would be 50 percent. I hope this important amendment will be included in the final budget that comes out of conference. Our seniors have worked hard all their lives, and they should no longer have to bear the burden of this excessive tax.

Congress also needs to address the future financial stability of the Social Security system. We know that if we do nothing, Social Security will start spending more than it takes in by 2017, and will go broke by 2041. I have long supported allowing individuals to contribute voluntarily a portion of their Social Security contributions to private investment accounts. Personal accounts can improve retirement security by facilitating wealth creation and providing participants with assets that they own and can be inherited. Individuals would be free to pursue higher expected rates of return on their Social Security contributions, which will lead to greater long-term stability.

I hope we can put politics aside and act on behalf of all Americans and bring reforms to the Social Security system to ensure its solvency and guarantee benefits for all Americans.




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