A bill to amend the Internal Revenue Code of 1954 to increase the excise tax on cigarettes and impose a tax surcharge with respect to excise taxes on alcoholic beverages, and to amend the Social Security Act to provide for the use of revenues from such increase and surcharge to assist in financing the disability insurance program under title II of the Social Security Act, and to make appropriate adjustments in OASDI tax rates to reflect the use of such revenues.
Disability Tax Surcharge and Rollback Act of 1979 - Title I: Increase in Excise Taxes on Cigarettes and Alcoholic Beverages - Amends the Internal Revenue Code to impose upon producers of alcoholic beverages a surtax of nine percent of the amount of alcohol tax presently imposed on alcoholic beverages. Increases the excise tax on small and large cigarettes.
Title II: Use of New Excise Tax Revenues in Financing of Disability Insurance Program - Allocates revenue from the taxes imposed upon alcoholic beverages by this Act and revenues from 20 percent of the taxes imposed upon the sale of cigarettes to the Federal Disability Insurance Trust Fund. Makes reductions in employment taxes after 1980.
Introduced in House
Introduced in House
Referred to House Committee on Ways and Means.
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