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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