A bill to amend the Internal Revenue Code of 1986 to allow a deduction for the old-age, survivors, and disability insurance taxes paid by employees and self-employed individuals, and for other purposes.
Working Americans Wage Restoration Act - Amends the Internal Revenue Code to allow a deduction for Old Age, Survivors and Disability Insurance (OASDI) (title II of the Social Security Act) employee taxes. Prohibits the deduction if the individual claimed the earned income credit for the year.
Allows a deduction for all (currently, one-half) of OASDI self-employment taxes. Allows only the one-half deduction if the individual claimed the earned income credit for the year.
Referred to the House Committee on Ways and Means.
Introduced in Senate
Sponsor introductory remarks on measure. (CR S4937-4938)
Read twice and referred to the Committee on Finance.
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