H.R. 5 Enrolled

RESOLUTION URGING CONGRESS TO PASS
SOCIAL SECURITY RETIREMENT ACCOUNT
LEGISLATION
2004 GENERAL SESSION
STATE OF UTAH
Sponsor: Michael T. Morley

LONG TITLE
General Description:
This resolution of the House of Representatives urges Utah's congressional delegation to
oppose payroll tax increases and cuts to Social Security.
Highlighted Provisions:
This resolution:
. urges the members of the United States Senate and the United States House of
Representatives representing the state of Utah to oppose increases in payroll taxes
and cuts to Social Security benefits and support optional Social Security personal
retirement accounts.
Special Clauses:
None

Be it resolved by the House of Representatives of the state of Utah:
WHEREAS, demographic changes and cost increases will drain the existing Social
Security system;
WHEREAS, without significant changes to the system, costs will exceed revenues
starting in 2018 and the system will not be able to pay any benefits by 2042;
WHEREAS, not reforming the system will require a 50% tax increase on every working
American or a 30% benefit cut;
WHEREAS, allowing younger workers to invest a portion of their income in personal
retirement accounts will keep the Social Security system solvent;

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

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