Jim Jeffords on Social Security Independent Jr Senator (VT, retiring 2006)

Raise FICA on rich; support lock-box

Jeffords supports the following principles regarding Social Security:
• Require individuals to pay the Social Security tax on incomes above $68,400 (which is currently exempt).
• Support a lock box measure, limiting Congress’s ability to spend Social Security and Medicare surpluses on any other federal programs except Social Security and Medicare, until each program’s long-term solvency is guaranteed.

Voted YES on Social Security Lockbox & limiting national debt.

Voted YES on allowing Roth IRAs for retirees.

Voted NO on allowing personal retirement accounts.

Voted YES on deducting Social Security payments on income taxes.

Supports individual savings accounts and work incentives.

Congress must address the rapidly approaching disaster of a depleted Social Security system. Within the next ten years "baby boomers" will start retiring. It is estimated that, as a result of this, by 2013 Social Security will be making greater payments to retirees than it will take in from the workforce. By 2032 the Social Security Trust Fund will be completely exhausted. Congress could rewrite this forecast by establishing individual savings accounts, restoring Social Security to permanent actuarial solvency, improving work incentives and/or resolving internal administrative problems.