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 an individual a deduction in arriving at adjusted gross income for the old-age, survivors, and disability insurance (OASDI) taxes paid by the individual as an employee during the taxable year. Includes in such deduction: (1) the portion of the tier 1 railroad retirement tax paid equivalent to OASDI taxes; as well as (2) amounts equivalent to such taxes imposed with respect to remuneration covered by a voluntary agreement under the Social Security Act for coverage of State and local government employees, or a specified kind of agreement entered into by American employers with respect to foreign affiliates.
Allows a self-employed individual to deduct, in arriving at adjusted gross income, all OASDI taxes paid and half the hospital insurance taxes paid.
Read twice and referred to the Committee on Finance.
Introduced in House
Introduced in House
Sponsor introductory remarks on measure. (CR H2059, E678-679)
Referred to the House Committee on Ways and Means.
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