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Senator Tommy Tuberville, representing Alabama in the United States Senate, strongly criticized the practice of double taxing Americans on Social Security during a Senate Health, Education, Labor, & Pensions (HELP) committee hearing. Tuberville expressed his concerns, stating, "For those of you who don’t know, this group up here in 1983 voted to tax Social Security. And then, a few years later, to tax it again. It’s all a scam. This is all a scam."
Highlighting the financial challenges faced by retirees, Tuberville emphasized, "I mean, we’ve got people that’s getting ready to retire that’s gonna try to live off of two to three thousand dollars – it’s impossible." He further pointed out the detrimental impact of mismanagement of funds, remarking, "Because what happens is [the money] comes up here and we spend it. We’re $35 trillion in debt – we don’t have any money. We’re dead broke."
Drawing attention to the broader economic implications, Tuberville highlighted the alarming levels of debt, stating, "And then taxpayers have two trillion dollars in credit card debt. We are in huge trouble." He warned of potential consequences, stating, "In this body we had better start figuring that out because we’re gonna have a run on this city here soon and there’s gonna be about 150 million people coming up here saying, ‘Where’s our damn money that we paid in?’"
Additionally, Tuberville criticized the missed investment opportunities with Social Security funds, stating, "I could’ve put my Social Security money for 40 years in the market and it probably would be worth eight to ten million today, but the federal government wasted it."
Senator Tommy Tuberville's remarks shed light on the pressing issue of double taxing Americans on Social Security and the need for better financial management to secure the future of retirees.
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