Social Security Investment Act of 1999 - Amends title II (Old Age, Survivors and Disability Insurance) of the Social Security Act with regard to, among other items, the following: (1) investment of the social security trust funds, making use of a Common Stock Investment Account; (2) rules governing investment of the Federal Old-Age and Survivors Insurance Trust Fund in common stock; (3) establishment in the Social Security Administration of an Independent Social Security Investment Oversight Board to establish policies for investments in common stock of amounts in the Common Stock Investment Account of the Federal Old-Age and Survivors Insurance Trust Fund; (4) repeal of the limitation on the social security wage base for FICA (Federal Insurance Contributions Act) and SECA (Self-Employment Contributions Act of 1954) taxes; (5) a graduated increase in Old Age, Survivors and Disability Insurance benefits for individuals attaining age 85; and (6) disregard of years of low earnings while providing child care for purposes of determining the number of an individual's benefit computation years used in determining such individual's primary insurance amount.
Amends the Internal Revenue Code to provide a described amount of earnings from wages and self-employment income that is to be exempt from social security taxes.
Provides for a reduction in the number of elapsed years in determining the number of computation years for purposes of computing an individual's primary insurance amount.