H.R. 3

This document includes House Committee Amendments incorporated into the bill on Tue, Jan 25, 2005 at 11:18 AM by ddonat. --> 1

RESOLUTION SUPPORTING CONGRESSIONAL
2 PRIVATIZATION OF SOCIAL SECURITY
3 2005 GENERAL SESSION
4 STATE OF UTAH
5 Sponsor: Michael T. Morley
6
7 LONG TITLE
8 General Description:
9 This resolution of the House of Representatives requests that action be taken by Utah's
10 congressional delegation.
11 Highlighted Provisions:
12 This resolution:
13 . requests that the members of Utah's congressional delegation oppose increases in
14 payroll taxes and cuts in Social Security benefits; and
15 . requests that members of Utah's congressional delegation support optional Social
16 Security Personal Retirement Accounts.
17 Special Clauses:
18 None
19
20 Be it resolved by the House of Representatives of the state of Utah:
21 WHEREAS, demographic changes and cost increases will drain the existing Social
22 Security system;
23 WHEREAS, without significant changes to the system, costs will exceed revenues
24 starting in 2018 and the system H. [ will ] may .H not be able to pay any benefits by 2042;
25 WHEREAS, anyone born after the year 1970 will not receive H. [ any ] full .H Social
25a Security
26 benefits if changes are not made to the system;
27 WHEREAS, not reforming the system will require a H. [ 50% ] .H tax increase on every
27a working

28 American or a H. [ 30% ] .H benefit cut; and
29 WHEREAS, allowing younger workers to invest a portion of their income in personal
30 retirement accounts will avoid any benefit cuts or tax increases:
31 NOW, THEREFORE, BE IT RESOLVED that the House of Representatives of the
32 state of Utah urges Utah's congressional delegation to oppose increases in payroll taxes and
33 cuts in Social Security benefits.
34 BE IT FURTHER RESOLVED that the House of Representatives urges Utah's
35 congressional delegation to support optional Social Security Personal Retirement Accounts.
36 BE IT FURTHER RESOLVED that a copy of this resolution be sent to the members of
37 Utah's congressional delegation.




Legislative Review Note
as of 1-5-05 10:06 AM

Based on a limited legal review, this legislation has not been determined to have a high
probability of being held unconstitutional.

Office of Legislative Research and General Counsel