Social Security Amendments of 1992

Social Security Amendments of 1992 - Amends title II (Old Age, Survivors and Disability Insurance) (OASDI) of the Social Security Act to: (1) increase the amount of outside income individuals aged 65 to 69 may earn without incurring a reduction in OASDI benefits through 2001; (2) modify the rate of OASDI benefit reduction for outside income above the exempt amount for such individuals to provide for a lower benefit reduction rate for the first $5,000 of outside income above the exempt amount; (3) provide for the indexing of the substantial gainful activity amount for the blind by the annual increase in average wages; (4) increase monthly benefits for widows and widowers aged 85 and older who retired early; (5) provide that if the deceased spouse of such a widow or widower received a reduced retirement benefit because he or she retired before age 65, such widow or widower cannot receive a benefit that exceeds the higher of the spouse's reduced benefit or 90 percent of the benefit the spouse would have received had he or she retired at age 65; (6) exclude from coverage under OASDI and the Hospital Insurance program (part A of title XVII (Medicare) of the Social Security Act) State and local election officials and workers who are paid less than $1,000 per year; and (7) modify the OASDI contribution and benefit base index.

Amends the Internal Revenue Code to: (1) make conforming changes with respect to the exclusion from coverage under OASDI and the Hospital Insurance program of State and local election officials and workers; (2) provide for an increase in the hospital insurance contribution base for 1992; and (3) provide for an increase in the base tax rate on ozone-depleting chemicals for 1993.