Word: kerrey
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...industries as mining and oil drilling, could save the Treasury more than $40 billion a year, according to expert testimony gathered by the Bipartisan Commission on Entitlement and Tax Reform. The panel is scheduled to submit recommendations to the President this week. But the commission's chairman, Senator Bob Kerrey, a Nebraska Democrat, already stirred the pot last Friday when he and panel vice chairman John Danforth of Missouri, a retiring Republican Senator, proposed further reforms by raising the retirement age to 70, cutting the payroll-tax rate and requiring workers to invest the savings. Any money saved by such...
...Kerrey and the commission staff have laid down a goal of keeping the budget deficit in check over the next 35 years, which requires action now to avert a looming entitlements-spending explosion. That goal is proving elusive. Kerrey and Danforth introduced their own proposal only to reveal wide splits among the 32 committee members. Those members range from Richard Trumka, president of the United Mine Workers, who criticized the Kerrey-Danforth proposal for relying too heavily on cutting benefits and not enough on tightening tax subsidies, to Representative Bill Archer, the Texas Republican who next month will assume...
...Perhaps Kerrey's most controversial proposal was to cut the employee's half of the Social Security payroll tax by 1.5 percentage points, to 4.7%, and to require workers to save that money in an IRA-style plan -- an idea immediately attacked by the elderly lobby as undermining the tax base of Social Security. The move was spurred by focus-group discussions conducted for the commission last summer. According to the results, which TIME has obtained, the Americans ages 20 to 50 in the focus groups said they had no confidence they would get their money back from Social Security...
...Kerrey is sincerely disappointed in Gingrich, a Democratic Senator said, because he has watched him shift over the past year from a private enthusiast of entitlement reform to one who accepted the analysis of Senate Republican leader Bob Dole, who believes that trying to freeze inflation adjustments in 1985 so angered the elderly lobby that it cost Republicans control of the Senate in 1986. In an interview with TIME, Kerrey would say only that if Gingrich is willing to duck Social Security's problems because they are 25 years away, "don't give any speeches saying how concerned...
...KERREY FAVOR: A federal deficit-cutting commission today refused to endorse a controversial plan by its co-chairmen, Sens. Bob Kerrey (D-Neb.), and John Danforth (R-Mo.), to avert a long-term federal budget crisis by privatizing Social Security. Instead, the 32-member Bipartisan Commission on Entitlement and Tax Reform more vaguely recommended in a letter to President Clinton that "tough action is needed sooner rather than later" -- and that major spending cuts and tax choices be decided based on their impact over 30 years, not the current politically-charged 5-year window. The Kerrey-Danforth package, which raised...