A bill to amend the Social Security Act and the Internal Revenue Code of 1954 to increase FICA and self-employment taxes; and to amend the Social Security Act to revise the retroactive payments and retirement test provisions, and phase out student benefits under the old-age, survivors, and disability insurance program.
Social Security Amendments - Title I: Increase in Federal Insurance Contributions Act Employment Taxes and Tax on Self-Employment Income - Amends the Internal Revenue Code to increase after 1976 the rate of Federal Insurance Contributions Act taxes on employees and employers, and the rate of tax on self-employment income.
Increases, under Title II (Old-Age, Survivors, and Disability Insurance) of the Social Security Act, the percentage of the base annual allocation of funds to the Federal Disability Insurance Trust Fund.
Title II: Changes in Benefits - Prohibits the retroactive payment of old-age, wife's, husband's, widow's or widower's benefits if such payment would require a reduction in the amount of an individual's monthly benefits pursuant to existing law. Stipulates specified exceptions to such prohibition.
Revises the conditions governing the deduction of earnings from the benefit amount of a retired person.
Phases out the payment of child's insurance benefits under the old-age, survivors, and disability insurance program to students above the age of 18.
Referred to House Committee on Government Operations.
Referred to House Committee on Ways and Means.
Introduced in Senate
Referred to Senate Committee on Finance.
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