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Bob Barr on Social Security
Libertarian nominee for President; Former Republican Representative (GA-7)
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Social Security is immoral; make it voluntary
One young questioner asked if participating in Social Security and Medicare should be voluntary. Yes, Barr and Baldwin said. Social Security, Barr said, is an “immoral program, whereby government takes, by threat of force, money from individuals.
No, answered Nader. ”What would Americans who are elderly be doing now,“ with retirement accounts’ values dropping with the stock market, ”if not for Social Security?“
Source: 2008 third-party presidential debate, in Cleveland Magazine
, Nov 2, 2008
Voted YES on raising 401(k) limits & making pension plans more portable.
Comprehensive Retirement Security and Pension Reform Act of 2001: Vote to pass a bill that would raise the amount individuals may contribute to traditional and Roth Individual Retirement Accounts and to 401[k] plans and make pensions plans more portable
Reference: Bill sponsored by Portman, R-OH;
Bill HR 10
; vote number 2001-96
on May 2, 2001
Voted YES on reducing tax payments on Social Security benefits.
Vote to pass a bill that would reduce the percentage of Social Security benefits that is taxable from 85 to 50 percent for single taxpayers with incomes over $25,000 and married couples with incomes over $32,000. The revenues that would be lost for the Medicare trust fund would be replaced by money from the general fund.
Reference: Bill sponsored by Archer, R-TX;
Bill HR 4865
; vote number 2000-450
on Jul 27, 2000
Voted NO on strengthening the Social Security Lockbox.
Amending the Social Security Lockbox bill to require that any budget surplus cannot be spent until the solvency of Social Security and Medicare is guaranteed.
Reference: Motion to Recommit introduced by Rangel, D-NY;
Bill HR 1259
; vote number 1999-163
on May 26, 1999
Create personal retirement accounts within Social Security.
Barr co-sponsored creating personal retirement accounts within Social Security
OFFICIAL CONGRESSIONAL SUMMARY:
- Amends Social Security Act to add a new tax-exempt "Personal Retirement Account Program".
- Designates a personal retirement account for each such individual that is funded by deposits from amounts in the Federal Old-Age and Survivors Insurance Trust Fund not otherwise required for immediate withdrawal, and by rollover and other contributions made by eligible individuals.
- Directs the SEC to report to Congress on personal retirement account reinsurance.
- Amends the tax code to provide for: (1) annual $300 contributions (tax credits) on behalf of each eligible individual to a personal retirement account; and (2) an excise tax on excess contributions to such accounts.
SPONSOR'S INTRODUCTORY STATEMENT: One of the things I have consistently heard from folks back home is the very simple idea that the first part of saving Social Security is making sure that Social Security taxes stay with Social Security.
That is what this bill does because it takes the Social Security surplus, whatever that happens to be, and simply rebates it back to the people paying Social Security taxes, not to go out and fix up the car or buy a refrigerator with it, but instead to go into their own personal Social Security savings account that would be held by a fiduciary like the local bank.
The individual could not get their hands on the money until they turn 65, but they would get a monthly statement and for the first time, because of the private property rights that come with an account like that, for the first time have a firewall created between political forces in D.C. and their Social Security surplus.
LEGISLATIVE OUTCOME: Referred to the House Committee on Ways and Means; never called for a House vote.
Source: Personal Lockbox Act (H.R.4839) 00-HR4839 on Jul 12, 2000
Reduce taxes on Social Security earnings.
Barr signed the Contract with America:
[As part of the Contract with America, within 100 days we pledge to bring to the House Floor the following bill]:
The Senior Citizens Fairness Act:
Raise the Social Security earnings limit, which currently forces seniors out of the workforce; repeal the 1993 tax hikes on Social Security; and provide tax incentives for private long-term care insurance to let older Americans keep more of what they have earned over the years.
Source: Contract with America 93-CWA9 on Sep 27, 1994
Page last updated: Jun 22, 2017