South Carolina General Assembly
116th Session, 2005-2006

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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 

     Date      Body   Action Description with journal page number
-------------------------------------------------------------------------------
   1/12/2005  House   Introduced HJ-17
   1/12/2005  House   Referred to Committee on Invitations and Memorial 
                        Resolutions HJ-17
   1/13/2005  House   Member(s) request name added as sponsor: Tripp
   1/25/2005  House   Committee report: Favorable Invitations and Memorial 
                        Resolutions HJ-3
   1/26/2005  House   Adopted HJ-36
   1/26/2005          Scrivener's error corrected

View the latest legislative information at the LPITS web site

VERSIONS OF THIS BILL

1/12/2005
1/25/2005
1/26/2005

(Text matches printed bills. Document has been reformatted to meet World Wide Web specifications.)

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.

            

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 pay-as-you go program was setup there were forty-two 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.

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