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Andrew Romanoff on Social Security

 

 


Optional personal retirement accounts, but no privatization

Romanoff characterized the mailer sent out by primary opponent Sen. Michael Bennet as an exercise in selective reporting. The Bennet Flier called Romanoff out on a 2004 vote urging the Colorado Congressional delegation to support what the Bennet campaign called a "risky privatization plan." Romanoff pointed to legislation he voted on and signed as Speaker of the House in 2005 that called on the congressional delegation to protect Social Security from privatization.

Romanoff told reporters to look at the facts. Senate Joint Resolution 28 signed by Romanoff in 2004 resolved to "support optional personal retirement accounts and not support increases in payroll taxes and cuts to Social Security benefits."

The resolution pushed optional savings accounts as a way to provide younger workers the opportunity to net greater savings by retirement age. Romanoff said that any money generated through the program would come on top of money already paid into social security.

Source: Denver Post on 2020 Colorado Senate race , Jul 29, 2010

Raise cap on income subject to Social Security tax

Currently, earners stop paying the Social Security taxes after $106,000 in income. Previous bipartisan commissions and studies have said that ceiling will need to be raised in order to keep the fund solvent. "I believe Congress should expose incomes above $100,000 to the Social Security tax," Romanoff said. Critics of the current ceiling said it makes the system a regressive tax by allowing the highest-income earners to pay a smaller overall percentage of taxes.
Source: Denver Post on 2020 Colorado Senate race , May 18, 2010

Other candidates on Social Security: Andrew Romanoff on other issues:
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