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, with the new method of financing being gradually phased in over a 3-year period and to adjust the rates of such taxes (for purposes of financing the OASDI program) accordingly.
Social Security Refinancing Act - Amends titles 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 House
Introduced in House
Referred to House Committee on Ways and Means.
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