South Carolina General Assembly
116th Session, 2005-2006

Download This Bill in Microsoft Word format

Indicates Matter Stricken
Indicates New Matter

S. 553

STATUS INFORMATION

Concurrent Resolution
Sponsors: Senator Hawkins
Document Path: l:\council\bills\swb\6353sd05.doc
Companion/Similar bill(s): 3281

Introduced in the Senate on March 2, 2005
Introduced in the House on May 24, 2005
Currently residing in the House Committee on Invitations and Memorial Resolutions

Summary: Payroll taxes; Social Security benefits

HISTORY OF LEGISLATIVE ACTIONS

     Date      Body   Action Description with journal page number
-------------------------------------------------------------------------------
    3/2/2005  Senate  Introduced SJ-5
    3/2/2005  Senate  Referred to Committee on Finance SJ-5
   5/18/2005  Senate  Committee report: Favorable Finance SJ-11
   5/19/2005  Senate  Adopted, sent to House SJ-86
   5/24/2005  House   Introduced HJ-14
   5/24/2005  House   Referred to Committee on Invitations and Memorial 
                        Resolutions HJ-14
   5/25/2005  House   Committee report: Favorable Invitations and Memorial 
                        Resolutions HJ-327
   5/26/2005  House   Debate adjourned until Tuesday, May 31, 2005 HJ-62
   5/26/2005          Scrivener's error corrected
   5/31/2005  House   Recommitted to Committee on Invitations and Memorial 
                        Resolutions HJ-115

View the latest legislative information at the LPITS web site

VERSIONS OF THIS BILL

3/2/2005
5/18/2005
5/25/2005
5/26/2005

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

COMMITTEE REPORT

May 25, 2005

S. 553

Introduced by Senator Hawkins

S. Printed 5/25/05--H.    [SEC 5/26/05 2:19 PM]

Read the first time May 24, 2005.

            

THE COMMITTEE ON INVITATIONS AND MEMORIAL RESOLUTIONS

To whom was referred a Concurrent Resolution (S. 553) 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 CONCURRENT 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 Senate, the House of Representatives concurring:

That the members of the South Carolina General Assembly, 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.

----XX----

This web page was last updated on Friday, December 4, 2009 at 3:30 P.M.