Trent Franks on Social Security

Last Updated : Jun 29, 2012

Campaign Website Statements

Social Security

Congressman Franks is the author of H.R. 1058, the Seniors Financial Security Act. This important bill amends the Internal Revenue Code to repeal the inclusion in gross income for income tax purposes of social security and tier 1 railroad retirement benefits. He believes it is wrong for the government to over tax our seniors.

 

Sponsored and Cosponsored Legislation

Session-109; Bill Number-H R 1776; Social Security Personal Savings Guarantee and Prosperity Act of 2005 - Cosponsor

The Social Security Personal Savings Guarantee and Prosperity Act of 2005 would have created private savings accounts for anyone born after 1950.

Session-109; Bill Number-H R 1776; Social Security Personal Savings Guarantee and Prosperity Act of 2005 - Cosponsor

This legislation, proposed by Congressman Paul Ryan was an early precursor of the Social Security section of the Path to Prosperity - also known as the Paul Ryan Plan. This legislation allows for people under the age of 55 to place some of their funds into a private account system if they chose to do so. The system creates a tiered set of accounts and invests those accounts according to the age of the person, adjusting risk accordningly. It ensures that no funds paid into social security are used for other spending items.

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