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Social Security

Congressman Lee Terry has placed a major priority on protecting and preserving Social Security. Here are just a few of his key initiatives:

  • “The Retirement Security Act” (H.R. 3055)—allows workers to set up private retirement accounts, while also growing the Social Security trust fund. In addition, the bill increases contribution limits for IRAs, 401(k)’s, and pension plans; creates a tax credit for the purchase of long-term care insurance; creates an additional tax credit to make it easier for low-income seniors to live at home or with family rather than going to retirement care; gives credit to mothers who choose to stay at home with their young children; and provides low-income seniors with a credit for expenses related to living in their own home.
  • To address unfairness in the current program, Congressman Terry has co-sponsored H.R. 434, a bill that would repeal the 1993 Social Security tax increase. That increase raised the tax on Social Security benefits from 10 percent to 85 percent for single filers with income over $34,000, and married couples with a joint income over $44,000. Congressman Terry believes the 85 percent tax on Social Security is a slap to every senior citizen who worked hard and was promised a full and fair retirement benefit.

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