June 24, 1974
Page 20804
Mr. MUSKIE. Mr. President, the amendment of the Senator from Indiana attacks one of the most regressive aspects of our tax system: The social security payroll tax. In the past, I have proposed reforming the payroll tax by instituting a low-income allowance, by allowing personal exemptions, and by raising the income ceiling – all changes which would spread the burden of social security more fairly according to ability to pay.
Senator HARTKE's proposal seeks to achieve the same goal – progressively in the social security tax system – by casting the whole burden of reform on the general revenues of the Treasury, with no clear provision for raising the funds to pay for reform. While we may eventually decide to take that course, we have made no legislative study of the revenues necessary to offset the reduction in revenues from the social security tax. I must accordingly vote to table Senator
Hartke’s amendment.