DiFrancesco was the prime sponsor on the following bills in the 2000-2001 NJ congressional session:
SR32: Expresses the sense of the New Jersey General Assembly that Congress should act to eliminate the Social Security earnings test for
beneficiaries who have attained retirement age for Social Security benefits.
SR49: Memorializes Congress to enact H.R.48 which repeals 1993 increase on percentage of certain Social Security benefits subject to taxation.
Source: New Jersey congressional voting records
Dec 25, 2000
Maintain long-term solvency of Social Security and Medicare.
DiFrancesco adopted the National Governors Association position paper:
The Issue
With the first federal budget surplus in a generation and estimates of non-Social Security surpluses ranging from $750 billion to $1.9 trillion over the next decade, the issue is whether Congress and the President will agree to dedicate a portion of the projected surplus to tax cuts and, if so, what the impacts on states might be.
Tax issues raise several concerns for states.
How much of the potential non-Social Security surplus should be dedicated to tax cuts and breaks?
Absent any consensus on long-term legislation to ensure solvency of Social Security and Medicare, would major federal revenue losses for tax cuts risk shifting substantial entitlement burdens to states?
How would federal tax changes affect state income taxes?
What are key elements for states of any future major tax bill? In school construction? For retirement? For housing and economic development? For health care?
NGA’s Position
NGA opposes reductions from current discretionary spending levels or changes that could risk the long-term solvency of the nation’s Social Security and Medicare systems. NGA supports provisions to ensure reduced barriers to state and local capital finance through tax-exempt bonds and to ensure maximum flexibility in setting and maintaining state retirement plans and programs.
Source: National Governors Association "Issues / Positions" 01-NGA16 on Aug 1, 2001
