A bill to amend the Social Security Act and the Internal Revenue Code of 1954 to provide that disability insurance benefits and the medicare program shall be financed from general revenues (pursuant to annual authorizations) rather than through the imposition of employment and self-employment taxes as at present, and to adjust the rates of such taxes (for purposes of financing the OASI program) accordingly.
Social Security Refinancing Act - Amends Title II (Old-Age, Survivors, and Disability Insurance) and XVIII (Medicare) of the Social Security Act, and the Internal Revenue Code to finance the payment of disability insurance benefits and hospital insurance benefits through general tax revenues, rather than through employment and self-employment tax revenues.
Reduces employment and self-employment tax rates below the rates established by the Social Security Financing Amendments of 1977.
Introduced in Senate
Referred to Senate Committee on Finance.
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