Statements on Introduced Bills and Joint Resolutions

Floor Speech

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Ms. HIRONO. Mr. President, I come to the floor today to express my support for the Protecting and Preserving Social Security Act, which I was proud to reintroduce earlier this afternoon with Senators Smith, Gillibrand and Merkley, and Congressman Deutch--who introduced the bill in the House.

Social Security serves as a critical lifeline for millions of individuals and families in Hawaii and throughout the United States. For seniors, the program is fundamental to retirement security, and for families, it provides economic security. Countless individuals rely on Social Security as a key source of income, so we must continue fighting to protect the program and make sure beneficiaries receive the hard- earned benefits they deserve. The Protecting and Preserving Social Security Act does two things.

First, the bill restores fairness in Social Security payroll taxes by eliminating the contribution cap on taxable income--gradually, over seven years.

What does this mean? Currently, most Americans contribute 6.2 percent of their incomes toward Social Security payroll taxes. However, because of the contribution cap on taxable income, higher income earners will stop contributing to Social Security after their first $132,900 of income for 2019. This means that many working and middle class families will contribute more of their income toward Social Security, while wealthy families will contribute less.

In fact, for the highest income earners, those in the ``top 1 percent'', this week marks the point in the year when they will stop contributing to the program altogether for 2019. That does not seem fair, so our bill makes sure that everyone contributes their fair share to Social Security for the entire year, and that the wealthiest individuals and families in our country do not receive a tax break at the expense of working and middle class families.

Second, the bill provides an updated measure of inflation to reflect what seniors and other beneficiaries actually pay for things like medical care, prescription drugs, and energy costs, and increases their benefits based on this measure. The Social Security Administration has indicated that these changes, taken together, would increase Social Security benefits and extend the life of the combined Social Security trust fund by another 19 years--from 2034 to 2053.

These are modest but important steps that we can take to improve the program for current and future beneficiaries.

Locally in Hawaii, we recognize that whatever hurts the most vulnerable in our communities, hurts all of us. We each have a role to play in supporting our communities. That is why my colleagues and I have reintroduced this legislation to strengthen Social Security. We will continue fighting for working and middle class families who rely on Social Security and similar programs, and we will continue to oppose cuts to Social Security--which would be devastating for millions of Americans. We will continue fighting to make sure everyone contributes their fair share so that Social Security can deliver on its promise to the American people.

I thank my colleagues for joining me in reintroducing this important legislation as we continue our work to strengthen Social Security. I yield the floor.

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