• Senator Moynihan (D-NY) has announced plans to introduce legislation designed to repeal the increase in the social security tax rates that took effect this year. The legislation will call for a reduction in social security tax rates effective January 1, 1991. Senator Moynihan has stated that he will introduce the legislation “because the social security trust fund surpluses are being used to finance the deficit in the operating budget of the federal government.” He further observed that the current surplus in the social security trust fund “masks the true size of the budget deficit and perverts the original purpose for surpluses—to provide for the retirement of the baby boom generation in the next century.”

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