Taxation of Social Security Benefits

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Excerpt from Taxation of Social Security Benefits: Hearing Before the Committee on Finance United States Senate, One Hundred Third Congress, First Session, May 4, 1993 The hearing was convened, pursuant to notice, at 10:00 a.m, in room SD-215, Dirksen Senate Office Building, Ho. Daniel Patrick Moynihan (chairman of the committee) presiding. Also present: Senators Bradley, Rockefeller, Daschle, Conrad, Packwood, Durenberger, and Grassley. [The press release announcing the hearing follows:] [Press Release No. H-17, April 30, 1993] Senate Finance Committee to Hold Hearings on the Taxation of Social Security Benefits Washington, DC - Senator Daniel Patrick Moynihan (D-N.Y.) today announced that the Senate Committee on Finance, which he chairs, will hold hearings on the Presidents proposal regarding the taxation of Social Security benefits. The hearing is scheduled for 10:00 A.M. on Tuesday, May 4, 1993, and will be held in room SD-215 of the Dirksen Senate Office Building. In announcing the hearing, Senator Moynihan said: "The President has proposed that we tax Social Security benefits more like we tax private pensions. It is a reasonable proposal. Our purpose will be to give it a full and fair hearing and to hear views from all perspectives." Under current law, up to one-half of an individuals Social Security benefit is subject to income tax if the individual has countable income in excess of$25, 000 per year($32, 000 for a couple). The President has proposed to tax up to 85 percent of a recipients Social Security benefit, using the same income thresholds. Currently, about 23 percent of recipients pay income tax on their benefits. Opening Statement Of Hon. Daniel Patrick Moynihan, A U. S. Senator From New York, Chairman, Committee On Finance The Chairman. A very good morning to our distinguished witnesses ind to our guests. We are here this morning to take testimony on a proposal by the administration to increase the taxation of Social Security benefits for persons above a certain income threshold. I would like also to note that that is part of the administration's tax proposals. Also part, and not very much attended, if I could say to my colleagues, is the proposal to raise some $29 billion by removing the income ceiling of the health insurance payroll tax. It is under the Federal Insurance Contribution Act. I do not know why this has not received more attention because it is so plamly a use of the payroll taxes - and I see Senator Durenberger nodding - as a source of general revenue without even any pretense otherwise. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully, any imperfections that remain are intentionally left to preserve the state of such historical works.