S. 88Senate108th Congress (2003-2005)In Committee

A bill to amend the Internal Revenue Code of 1986 to suspend future reductions of income tax rates if the Social Security surpluses are used to fund such tax rate cuts.

Introduced January 7, 2003

Legislative Activity

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2 earlier actions
SenateIntro Referral Latest Action

Read twice and referred to the Committee on Finance.

January 7, 2003

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SenateIntro Referral

Introduced in Senate

January 7, 2003

SenateIntro Referral

Sponsor introductory remarks on measure. (CR S74)

January 7, 2003

SenateIntro Referral

Read twice and referred to the Committee on Finance.

January 7, 2003

Floor Debate

14 members

What members said about S. 88 on the floor

6 Republicans8 Democrats
Daniel K. Inouye
Sen. Daniel K. InouyeD-HI · Jan 7, 2003

Mr. President, I am reintroducing legislation today that would direct the Secretary of the Army to determine whether certain nationals of the Philippine Islands performed military service on behalf…

Susan M. Collins
Sen. Susan M. CollinsR-ME · Jan 7, 2003

Mr. President, I am pleased to join with my colleague from Louisiana, Senator Landrieu, in introducing the Access to Affordable Health Care Act, a comprehensive, seven-point plan that builds on the…

Dianne Feinstein
Sen. Dianne FeinsteinD-CA · Jan 7, 2003

Mr. President, I join my good friend, Senator Kyl, in introducing S.J. Res, 1, the Victims' Rights Amendment. Two years ago, the Senate debated a proposed constitutional amendment drafted by Senator…

Jon Kyl
Sen. Jon KylR-AZ · Jan 7, 2003

Mr. President, I rise to introduce the Crime Victims' Rights Amendment. The scales of justice are imbalanced. The U.S. Constitution, mainly through amendments, grants those accused of crime many…

Hillary Rodham Clinton
Sen. Hillary Rodham ClintonD-NY · Jan 7, 2003

Mr. President, I am introducing the Small Employer Tax Assistance for Health Care Act of 2003, SETAH, a bill to provide tax subsidy to small employers to help them provide health coverage to their…

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Russell D. Feingold
Sen. Russell D. FeingoldD-WI · Jan 7, 2003

Mr. President, I am pleased to join today with my colleague from New Hampshire, Mr. Gregg, to introduce legislation to extend budgetary enforcement and to maintain fiscal accountability and…

Larry E. Craig
Sen. Larry E. CraigR-ID · Jan 7, 2003

Mr. President, today I am reintroducing a Balanced Budget Amendment to the Constitution of the United States. When we were in deficit and when we were in surplus, I have always said, if we could…

Byron L. Dorgan
Sen. Byron L. DorganD-ND · Jan 7, 2003

Mr. President, I rise to speak as a cosponsor of S. 105. This bill repeals provisions of the Homeland Security Act offering certain liability protections to pharmaceutical companies. Mr. President,…

Paul S. Sarbanes
Sen. Paul S. SarbanesD-MD · Feb 9, 2004

Mr. President, I am pleased to join with Senators Mikulski, Warner, Akaka, Allen, Collins, Kennedy, Durbin, Dayton, Levin, Johnson, and Murray in submitting a resolution expressing the sense of the…

Debbie Stabenow
Sen. Debbie StabenowD-MI · Jan 7, 2003

Mr. President, today I rise to keep a promise I made in November. On this, the very first day of the 108th Congress, I am introducing a bill that will remove the controversial vaccine component…

Chuck Grassley
Sen. Chuck GrassleyR-IA · Jan 7, 2003

Mr. President, the Fair Contracts for Growers Act of 2003 would simply give farmers a choice of venues to resolve disputes associated with agricultural contracts. This legislation would not prohibit…

Ernest F. Hollings
Sen. Ernest F. HollingsD-SC · Jan 7, 2003

Mr. President, we have a whole list of every senator, and every candidate in last year's election, all coming out and saying we won't touch Social Security. The President of the United States…

Orrin G. Hatch
Sen. Orrin G. HatchR-UT · Jan 7, 2003

Mr. President, on this first day of the 108th Congress, I rise to address the serious matter of pay inequity in the Federal judiciary. As things stand now, nearly every Federal employee will receive…

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Don Nickles
Sen. Don NicklesR-OK · Jan 7, 2003

Mr. President, I ask unanimous consent that the text of the bill be printed in the Record.

Bill Text

Latest available legislative text

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Introduced in SenateIssued January 7, 2003
        [Congressional Bills 108th Congress]
[From the U.S. Government Publishing Office]
[S. 88 Introduced in Senate (IS)]

108th CONGRESS
1st Session
S. 88

To amend the Internal Revenue Code of 1986 to suspend future reductions
of income tax rates if the Social Security surpluses are used to fund
such tax rate cuts.

_______________________________________________________________________

IN THE SENATE OF THE UNITED STATES

January 7, 2003

Mr. Hollings introduced the following bill; which was read twice and
referred to the Committee on Finance

_______________________________________________________________________

A BILL

To amend the Internal Revenue Code of 1986 to suspend future reductions
of income tax rates if the Social Security surpluses are used to fund
such tax rate cuts.

Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,

SECTION 1. FINDINGS.

The Senate finds that--
(1) section 13301 of the Budget Enforcement Act of 1990
specifically precludes the President and Congress from counting
Social Security in the budget;
(2) President Bush promised Congress in his first address
to a Joint Session in February 2001 that all Social Security
surplus money will be budgeted for Social Security and Social
Security only;
(3) every Senator in the Senate promised not to touch
Social Security;
(4) every candidate in last year's election promised not to
touch Social Security;
(5) it is a felony for corporate America to count
retirement accounts as revenues and raid them to run their
operations;
(6) the President, the Cabinet, Congress, and the news
media all now use different sets of numbers when reporting the
budget, making it difficult for Americans to get a handle on
the Government's true financial state; and
(7) the purpose of this Act is to ensure that no Social
Security surpluses shall be used to pay for any further tax
cuts.

SEC. 2. SUSPENSION OF CERTAIN INCOME TAX RATE REDUCTIONS IN CASE OF
FEDERAL ON-BUDGET DEFICIT.

Section 1(i) of the Internal Revenue Code of 1986 (relating to rate
reductions after 2000) is amended by redesignating paragraph (3) as
paragraph (4) and by inserting after paragraph (2) the following new
paragraph:
``(3) Suspension of rate reductions in case of federal on-
budget deficit.--Notwithstanding the table contained in
paragraph (2)--
``(A) Initial determination.--If the Secretary
determines on October 1, 2003, that there exists a
Federal on-budget deficit for the fiscal year beginning
on such date, the reduction in the rates under such
table shall be suspended until the beginning of the
first calendar year following the first succeeding
October 1 on which it is determined that such a deficit
does not exist.
``(B) Subsequent determination.--On October 1 of
the year following the first calendar year described in
subparagraph (A), if the Secretary determines that a
Federal on-budget deficit exists for the fiscal year
beginning on such date, the reduction in the rates
under such table shall be suspended until the beginning
of the first calendar year following the first
succeeding October 1 on which it is determined that
such a deficit does not exist.
``(C) Data for determination.--Any determination by
the Secretary under this paragraph with respect to any
fiscal year shall be based on the most recent budgetary
data for such fiscal year submitted to Congress under
section 1106 of title 31, United States Code.''.
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