Show Utah Senator Favors More Modest SS Bill w A more modest House version of the Social Security bill rather than a Senate proposal which he described as highly inflationary politically motivated ed cd and fraught with ominous implications will be supported by Senator Wallace F Bennett The Uthan a member of the Senate Finance Committee which considered the bill vet vot- voted ed against It in the Committee and said he would support n a Republican attempt in the Sen Sen- Senate ate to substitute the House ver- ver version sion of t he bill THE IMPACT of this bill combined with an expect expect- expected rd ed 30 b bl billion deficit will deficit definitely add fuel to the inflationary fires which are going to be with ith us much of next year rear In addition un- un under under der the Senate version elsion the Social Security Administration would woud payout pay out some 35 b billion in new benefits next year but take in only 16 b hi- hi hilion lion in added revenues re he said I feel that this is fiscally irresponsible and merely adds to the burdens of the already overtaxed over taxed working public This proposal is especially discriminatory against young and middle income employees ees and it could go so far as to undermine the foundations on which the great popularity of the social security program was built he said THE BILL contains the big big- biggest gest increase in benefits and taxes in the year 31 history of Social Security The House vel ver- ver version sion sian provided for a per percent percent cent across the board increase but the Senate bill gives a 15 per cent across the board increase in- in increase crease I feel that there should be some sort of Social Security bill raising benefits This is necessary necessary sary in order to bring the level of benefits up to meet the needs caused by raising living costs Sen Bennett said However the additions made in the Sen- Sen Senate Senate ate are completely out of line and could prove to be econ econ- economically economically dangerous THE BILL would raise the taxable wage base from to next year then to in 1969 and to in 1972 In January 1969 the bill would call for raising the com coin bleed tax rate to 96 per cent of ofa ofa a workers worker's pay he said with 48 per cent from the em em- employee and 48 per cent from the employer |