Tuesday, February 17, 2009

Rep. Trent Franks introduces Seniors Financial Security Act today in Sun City

What: Press conference introducing the Seniors Financial Security Act of 2009

When: Tuesday, February 17, 2009; 11:00 a.m. MST

Where: Banner Olive Branch Senior Center, 11250 N. Olive Ave., Sun City, AZ 85351

Contact: Bethany Barker, 202-631-1778 or Bethany.barker@mail.house.gov

Description: The Seniors Financial Security act would eliminate the unfair, redundant tax on Social Security benefits. Despite the fact that Americans pay into Social Security all of their working lives, the Congressional Budget Office has estimated, using 2000 population and income levels with 2003 provisions of law, that 39% (or 15.6 million) Social Security beneficiaries are affected by the income taxation of Social Security benefits. Those who are affected see 50-85% of their benefits taxed. These tax penalties on earning additional retirement income discourage people of all ages from saving for retirement and discourage older citizens from working.

No comments: