The Save Social Security First Act
Mr. Speaker, I rise today in support of a bill that will correct the mistake that the House made last week when it voted to repeal the estate tax. Not only that, but the Save Social Security First Act will also restore some credibility to…
Mr. Speaker, I rise today in support of a bill that will correct the mistake that the House made last week when it voted to repeal the estate tax. Not only that, but the Save Social Security First Act will also restore some credibility to the commitment that both parties in this House have made to safeguarding the Social Security trust fund.
In March of 2001, Speaker Hastert said, ``We are going to wall off Social Security trust funds.'' Two years later, our fiscal stability has eroded and we are racing towards half-trillion dollar annual deficits. Rather than protecting it, we are now dipping into the Social Security trust fund to finance another round of tax cuts for millionaires and billionaires. The wealthy few in our country are benefitting at the expense of the millions of seniors who currently rely on Social Security and the millions of American workers who will rely on it in the future.
The question is a simple one, Mr. Speaker. Would you rather add an additional $588 billion to the Social Security trust fund over the next 20 years, or give that money to families whose wealth already dwarfs the lifetime earnings of many Americans? The answer seems obvious. I believe that this House should keep its promise to protect Social Security and stop sacrificing the needs of the vast majority of Americans for the benefit of the privileged few. It is for these reasons that I have introduced the Save Social Security First Act.
The act will accelerate estate tax relief while not entirely repealing the tax. It raises the exemption amount to $3 million per person, or $6 million per couple, beginning in 2004, and dedicates all estate tax revenue to the Social Security trust fund. Many of those who voted to repeal the estate tax last week argued that the tax unjustly forces small business owners to sell their business in order to pay the tax rather than be able to pass the business on to the next generation. According to a Treasury Department study, however, this is very rarely the case. In only 1.6 percent of taxable estates did a family-owned business comprise at least half of the value of the estate, and that was with an exemption just one-fifth of what is proposed by the bill I have introduced. We do not need to fully repeal the tax in order to keep it from unfairly impacting small businesses.
Under the Save Social Security First Act, only the truly wealthy will remain subject to the estate tax, while 99.5 percent of families will be exempt from it. The whole country will benefit from the $588 billion that this bill will put into Social Security over the next 20 years. Over the next 75 years, it will make up for almost one quarter of the projected shortfall in Social Security funding.
Mr. Speaker, it's about time that we got our priorities straight. This bill says that even if you feel that fully repealing the estate tax is a priority, it is not a higher priority than ensuring the solvency of Social Security. It says that we should be committed to the growing number of seniors in our country. It says that we should be committed to today's workers who are depending on Social Security for their retirement. And it says that we should be committed to our children, who should not be forced to foot the bill of our fiscal irresponsibility.
I strongly urge this House to join me in supporting the Save Social Security First Act. We have two futures to choose from: on the one hand, we can make a tiny sliver of the wealthiest people in the country even wealthier. On the other, we can help save a program that will benefit untold millions of Americans for generations to come. This should be one of the easiest choices that we have made in a long time, and I hope to see my colleagues on both sides of the aisle join me to support this important bill.