HOUSE OF REPRESENTATIVES |
H.R. NO. |
15 |
TWENTY-SECOND LEGISLATURE, 2004 |
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STATE OF HAWAII |
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REQUESTING THAT THE CONGRESSIONAL DELEGATION OF THE STATE OF hAWAII WORK TO PASS SOCIAL SECURITY PERSONAL RETIREMENT ACCOUNTS.
WHEREAS, demographic changes and cost increases will drain the existing Social Security system; and
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; and
WHEREAS, not reforming the system will require a 50% tax increase on every working American or a 30% benefit cut; and
WHEREAS, allowing younger workers to invest a portion of their income in person retirement accounts will keep the Social Security system solvent; and
WHEREAS, allowing younger workers to invest a portion of their income in personal retirement accounts will avoid any benefits cut and/or tax increases; 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 by the House of Representatives of the Twenty-second Legislature of the State of Hawaii, Regular Session of 2004, that the House of Representatives of the State of Hawaii requests the Congressional delegation of the State of Hawaii to oppose payroll tax increases, cuts in Social Security benefits, and to support optional Social Security Personal Retirement Accounts; and
BE IT FURTHER RESOLVED that certified copies of this Resolution be transmitted to each member of Hawaii's Congressional delegation.
OFFERED BY: |
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Report Title:
Social Security Personal Retirement Accounts; support