Washington (April 24, 2002) -- The Social Security Administration's Chief Actuary says that making tax cuts permanent would not impact Social Security's ability to pay benefits to seniors today or in the future.
Ways and Means Chairman Thomas' proposed amendment to make permanent the tax cuts enacted in 2001 includes a provision crediting the Social Security and Medicare Trust Funds as if the 2001 legislation and the extension of tax relief beyond 2010 had never been passed.
The actuary’s memo, addressed to the House Ways and Means Subcommittee on Social Security, says that for tax years 2002-2010 the legislation under consideration would actually increase revenue to the Social Security Trust Funds.
Representative Shaw, chairman of the Subcommittee on Social Security, said, "The Actuary's Memo exposes the Democrats' scare tactic that making tax relief permanent would hurt Social Security. Tax relief will help grow the economy, while fully protecting the Social Security Trust Funds and ensuring every senior will continue to receive their full promised benefits. His memo makes it perfectly clear that Democrats are shamelessly lying to seniors about Social Security."
-- Electronic Accountant Newswire staff
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