Pence Rejects Tax Increase for Social Security Reform
PENCE REJECTS TAX INCREASE FOR SOCIAL SECURITY REFORM
Commends Democrat Proposal for Candor
Pence at Bluffton Drug Card Fair
Washington, May 17 - (photo: Pence talks with a constituent in Bluffton, IN.)
Congressman Mike Pence today commended Congressman Robert Wexler (D-Fla.) on the House floor for offering an alternative proposal to reform Social Security, but strongly rejected Wexler's call for a substantial tax increase to achieve reform. Pence's comments follow:
"Last year, President Bush put Social Security reform on the national agenda. His proposal to save Social Security by giving younger Americans the option to choose personal savings accounts has been met, to date, by ridicule and silence by the loyal opposition in this Congress.
"The ridicule has taken a variety of forms including denouncing the President's motives and intentions. The intentions of Republicans have been described by some outside organizations as an effort to, tear down the house of public retirement in America.'
"Beyond that slur, there has just been, to date, simply silence. No ideas. No counterproposals. Nothing to deal with what many refer to as a generational tsunami heading for Social Security as some 40 million Americans over the age of 65 within 20 years will become 80 million Americans over the age of 65.
"I say silence' with hesitation because that actually ended yesterday among the loyal opposition when Congressman Robert Wexler of Florida introduced his legislation at a press event in his home state where he unveiled a bill, which he described as Social Security Forever.'
"He said, admirably, I believe it's time for Democrats to offer an alternative to the President.'
"And to the gentleman from Florida I say, with admiration, I couldn't agree more. I admire him for his leadership on behalf of his vision of government, and also his honesty, as he proposes to cure what ails Social Security in the next 50 to 75 years with that antidote that Democrats run to most often; and that is, namely, higher taxes.
"The Wexler bill, with a six percent tax increase on income over $90,000 a year, would be the largest marginal tax rate increase in a generation.
"Let's be clear about this: House conservatives will vigorously oppose any effort to finance Social Security reform by raising taxes on working families, small businesses and family farms.
"Thanks to the Wexler proposal, the American people now see a very clear choice before them: The President and the Republican Congress' vision for reform, and the single Democrat vision that has been articulated as higher taxes.
"With one of the largest marginal tax increases in a generation, Congressman Wexler's Social Security Forever' bill looks more like higher taxes forever.
"It's time for this Congress to move on to the substance of Social Security reform. Let's offer our conflicting visions in this chamber, across the aisle, and move forward to save and secure and reform Social Security for our children and our grandchildren."
http://mikepence.house.gov/News/DocumentSingle.aspx?DocumentID=27307