Utah's two senators split Thursday on a vote to reduce Social Security taxes - which failed 60-38.
Sen. Jake Garn, R-Utah, voted against it saying it would wreak havoc with the Social Security fund over time. But Sen. Orrin Hatch, R-Utah, voted for it saying excess Social Security taxes are used as an accounting ploy to finance the federal deficit.Garn said after the vote, "On the surface this tax cut is appealing because it seems to offer relief to taxpayers. While it may be welcome in the short-run, over time it will wreak havoc with the Social Security trust fund.
"Taxes may be cut for a few years, but by 2015, revenues will be back at the current level and significant increases will quickly follow. As the baby boomers reach retirement age, we'll end up with fewer contributors and more recipients and a bankrupt fund."
Hatch said during the debate that overpayments to the Social Security fund will grow to an estimated $9.2 trillion by 2020. "The accumulation of this huge surplus will not strengthen our Social Security system; it will weaken it."
He said that excess is used to finance the deficit with payroll tax dollars. "This simply is not right. American workers should not have to pay high payroll taxes because the government cannot balance the budget."
He added, "The public believes that (Social Security) taxes are dedicated to Social Security benefits. We should either stop taking more than we need or tell the public where these taxes are really going."