A bill to amend the Internal Revenue Code of 1986 to allow employees to elect to have a percentage of employer and employee social security contributions made to a qualified pension plan, and for other purposes.
Social Security Benefits Enhancement Act - Amends the Internal Revenue Code to establish social security family savings plan accounts under provisions governing pension, profit-sharing, and stock bonus plans. Allows special purpose distributions from such accounts for first-time homebuyers and higher education expenses.
Reduces social security employment taxes by the amount of employee and employer contributions to such accounts.
Introduced in Senate
Read twice and referred to the Committee on Finance.
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