Download Zipped Introduced WordPerfect HR0005.ZIP
[Status][Bill Documents][Fiscal Note][Bills Directory]

H.R. 5

             1     

RESOLUTION URGING CONGRESS TO PASS

             2     
SOCIAL SECURITY RETIREMENT ACCOUNT

             3     
LEGISLATION

             4     
2004 GENERAL SESSION

             5     
STATE OF UTAH

             6     
Sponsor: Michael T. Morley

             7     
             8      LONG TITLE
             9      General Description:
             10          This resolution of the House of Representatives urges Utah's congressional delegation
             11      to oppose payroll tax increases and cuts to Social Security.
             12      Highlighted Provisions:
             13          This resolution:
             14          .    urges the members of the United States Senate and the United States House of
             15      Representatives representing the state of Utah to oppose increases in payroll taxes
             16      and cuts to Social Security benefits and support optional Social Security personal
             17      retirement accounts.
             18      Special Clauses:
             19          None
             20     
             21      Be it resolved by the House of Representatives of the state of Utah:
             22          WHEREAS, demographic changes and cost increases will drain the existing Social
             23      Security system;
             24          WHEREAS, without significant changes to the system, costs will exceed revenues
             25      starting in 2018 and the system will not be able to pay any benefits by 2042;
             26          WHEREAS, not reforming the system will require a 50% tax increase on every working
             27      American or a 30% benefit cut;


             28          WHEREAS, allowing younger workers to invest a portion of their income in personal
             29      retirement accounts will keep the Social Security system solvent;
             30          WHEREAS, allowing younger workers to invest a portion of their income in personal
             31      retirement accounts will eliminate the need for tax increases and cuts to benefits; and
             32          WHEREAS, allowing younger workers to invest a portion of their income in personal
             33      retirement accounts will provide additional savings to younger workers for greater retirement
             34      security:
             35          NOW, THEREFORE, BE IT RESOLVED that the House of Representatives of the
             36      state of Utah urges Utah's congressional delegation to oppose increases in payroll taxes and
             37      cuts to Social Security benefits and support optional Social Security personal retirement
             38      accounts.




Legislative Review Note
    as of 1-15-04 4:07 PM


A limited legal review of this legislation raises no obvious constitutional or statutory concerns.

Office of Legislative Research and General Counsel


[Bill Documents][Bills Directory]