Working to support Social Security solvency and the Payroll Tax Holiday, Congressman Jeff Landry (R, LA-03) today introduced H.R. 3551 -- the Social Security Preservation through Individual Choice Enhancement (SSPICE) Act. The SSPICE Act turns the payroll tax holiday into an opt-in system, allowing each worker to annually decide if he or she wants to continue receiving the holiday. Those who make this decision will have their retirement age extended by one month, an amount of time equal to the decrease in payments the individual will make to Social Security as a result of opting in to the holiday.
"The payroll tax holiday is a difficult issue for Congress because it forces us to choose between allowing Americans to continue to keep more of their hard-earn money or providing for the continued life of Social Security. As the American people know how to manage their own money far better than Congress does, the SSPICE Act allows the each American to make this decision," said Landry. "By allowing Americans to decide if they want to extend the payroll tax holiday, the SSPICE Act will allow the American public to more actively share in the decisions that will affect this country for decades to come and will force Congress to stop kicking the can down the road."
The Social Security Administration's Chief Actuary has stated that the SSPICE Act will reduce the Social Security's unfunded obligations by $2.1 trillion and eventually reducing the annual deficit by one-third, all without adversely harming current or future Social Security recipients.
"When running for office, I pledged to fight for our seniors and prevent tax increases; the SSPICE Act does both," concluded Landry. "I hope both sides of the aisle and both chambers of Congress will join me in championing personal choice, enhancing civic involvement and understanding the future ramifications of our decisions by supporting the SSPICE Act."