| Home > 106th Congressional Bills > H.R. 760 (ih) To amend the Internal Revenue Code of 1986 to permanently extend the research credit. [Introduced in House] ...
H.R. 760 (ih) To amend the Internal Revenue Code of 1986 to permanently extend the research credit. [Introduced in House] ...
108th CONGRESS 1st Session H. R. 75 To amend the Social Security Act and the Internal Revenue Code of 1986 to preserve and strengthen the Social Security program through the creation of personal Social Security guarantee accounts ensuring full benefits for all workers and their families, restoring long-term Social Security solvency, to make certain benefit improvements, and for other purposes. _______________________________________________________________________ IN THE HOUSE OF REPRESENTATIVES January 7, 2003 Mr. Shaw (for himself, Mr. Foley, Mr. Lewis of Kentucky, Mr. Norwood, and Mr. Smith of Michigan) introduced the following bill; which was referred to the Committee on Ways and Means _______________________________________________________________________ A BILL To amend the Social Security Act and the Internal Revenue Code of 1986 to preserve and strengthen the Social Security program through the creation of personal Social Security guarantee accounts ensuring full benefits for all workers and their families, restoring long-term Social Security solvency, to make certain benefit improvements, and for other purposes. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. SHORT TITLE; TABLE OF CONTENTS. (a) Short Title.--This Act may be cited as the ``Social Security Guarantee Plus Act of 2003''. (b) Table of Contents.--The table of contents is as follows: Sec. 1. Short title; table of contents. Sec. 2. Findings and statement of purpose. TITLE I--SOCIAL SECURITY GUARANTEE PROGRAM Sec. 101. Social security guarantee refundable credit. Sec. 102. Establishment of the social security guarantee program. ``Part B--Social Security Guarantee Program ``Sec. 251. Definitions. ``Sec. 252. Establishment of program. ``Sec. 253. Social Security guarantee accounts. ``Sec. 254. Investment of accounts. ``Sec. 255. Determination of monthly annuity amounts and use in determining account distribution supplements. ``Sec. 256. Disposition of account assets. ``Sec. 257. Administration of the program. Sec. 103. Benefit increases. Sec. 104. Tax treatment. Sec. 105. Annual account Statements. Sec. 106. Report on use of social security surpluses. TITLE II--BENEFIT UPDATES Sec. 201. Elimination of the social security earnings test for individuals who have attained age 62 (age 60 in the case of widow's and widower's insurance benefits). Sec. 202. Increase in widow's and widower's insurance benefits. Sec. 203. Benefits for disabled widows and widowers without regard to age. Sec. 204. Repeal of 7-year restriction on eligibility for widow's and widower's insurance benefits based on disability. Sec. 205. Exemption from two-year waiting period for divorced spouse's benefits upon other spouse's remarriage. Sec. 206. Increase in amount of wages and self-employment income credited to years taken into account in determining average indexed monthly earnings for beneficiaries precluded from remunerative work occasioned by need to provide child care. Sec. 207. Government pension offset reduced from two-thirds to one- third of the government pension. SEC. 2. FINDINGS AND STATEMENT OF PURPOSE. (a) Findings.--The Congress finds as follows: (1) The Social Security program provides essential income security for over 46 million Americans of all ages through its retirement, disability, and survivor benefits. Without these benefits, close to half of seniors would live in poverty. (2) Social Security's benefit structure, which is designed to help lower-wage workers, and its family benefits are of particular importance to women and minorities. Without these benefits, about 53 percent of elderly women and 55 to 60 percent of elderly Hispanics and African-Americans would live in poverty. (3) The Board of Trustees of the Social Security trust funds project that, because people are living longer, families are having fewer children, and the baby boom generation is approaching retirement, the Social Security program's benefit costs will exceed its tax revenues beginning in 2017. By 2041, the Social Security trust funds will be depleted and the program will be able to honor only 73 percent of benefit commitments, and even less thereafter. (4) Each payday, American workers send their hard-earned payroll taxes to Social Security and in return are promised protection for themselves and their families upon retirement, disability, or death. That commitment must be kept. (5) Reducing benefits will result in more seniors and individuals with disabilities living in poverty. (6) Workers who are more in need of early retirement, such as police officers, firefighters, and manual laborers, would be especially harmed by increases in the age of eligibility for Social Security benefits. (7) Inasmuch as payroll taxes already constitute the single largest tax burden for most American families, further tax increases would contribute to erosion in public support for Social Security, would not result in sustainable financing for the long term, and would further burden employers and harm job creation. (8) Allowing the Federal Government to invest workers' payroll taxes in private financial assets risks political interference in investment decisions and may reduce economic efficiency. (9) Workers' ability to save and invest for their own economic security in retirement will continue to be particularly important, especially for younger workers. (10) The creation of Social Security guarantee accounts as provided for in this Act is a critical goal in light of Social Security's financial challenges, the options available to address these challenges, and the Nation's interest in preserving and strengthening Social Security for the next 75 years and beyond. (b) Statement of Purpose.--The purpose of this Act is to preserve and strengthen the Social Security program through the creation of Social Security guarantee accounts that will-- (1) ensure the payment of Social Security benefits promised under current law, or greater benefits, to all eligible workers and their families; (2) provide for the long-run sustainability of the Social Security program; and (3) provide personal account assets to be used exclusively for the financial security of the account holder and his or her family that this and future Congresses cannot redirect for any other purpose. TITLE I--SOCIAL SECURITY GUARANTEE PROGRAM SEC. 101. SOCIAL SECURITY GUARANTEE REFUNDABLE CREDIT. (a) In General.--Chapter 25 of the Internal Revenue Code of 1986 (relating to general provisions relating to employment taxes) is amended by adding at the end the following new section: ``SEC. 3511. SOCIAL SECURITY GUARANTEE REFUNDABLE CREDIT. ``(a) In General.--The Social Security guarantee account established under section 253 of the Social Security Act for each individual who has filed an election under section 253(b) of such Act shall receive for each calendar year following such election, during which such individual has earned wages or to which self-employment income of such individual is credited, a payment equal to the credit amount determined under subsection (b) for the individual for such calendar year. ``(b) Credit Amount.-- ``(1) In general.--For purposes of subsection (a), the credit amount determined under this subsection for an individual for a calendar year is an amount equal to the lesser of-- ``(A) 4 percent of the sum of-- ``(i) wages (as defined in section 3121(a)) received by such individual during such year on which tax is imposed by section 3101, and ``(ii) self-employment income (as defined in 1402(b)) of such individual for the taxable year of such individual ending in such calendar year on which tax is imposed by section 1401, or ``(B) $1,000 (in the case of the calendar year ending after the date of the enactment of the Social Security Guarantee Plus Act of 2003) and the amount determined under paragraph (2) for the calendar year (in the case of subsequent calendar years). ``(2) Wage-based adjustments.--The Secretary shall, on or before November 1 of the first calendar year ending after the date of the enactment of the Social Security Guarantee Plus Act of 2003 and of every calendar year thereafter, determine and publish in the Federal Register the dollar amount under paragraph (1)(B) for the succeeding calendar year. Such amount shall be the larger of-- ``(A) the amount in effect in the calendar year in which the determination under this paragraph is made, or ``(B) the product of $1,000 and the ratio of the national average wage index (as defined in section 209(k)(1) of the Social Security Act) for the calendar year before the year in which the determination under this paragraph is made to the national average wage index (as so defined) for the first of the 2 calendar years preceding the calendar year ending after the date of the enactment of the Social Security Guarantee Plus Act of 2003, with such product, if not a multiple of $10, being rounded to the next higher multiple of $10 where such amount is a multiple of $5 but not of $10 and to the nearest multiple of $10 in any other case. ``(c) Special Rules.-- ``(1) Agreements by american employers of foreign affiliates.--Any amounts paid pursuant to an agreement under section 3121(l) (relating to agreements entered into by American employers with respect to foreign affiliates) which are equivalent to the taxes referred to in subsection (b)(1)(A) shall be treated as taxes referred to in such subsection. ``(2) Coordination with special refund of social security taxes.--For purposes of subsection (b)(1)(A), tax imposed by section 3101 shall not include any taxes to the extent the individual is entitled to a special refund of such taxes under section 6413(c). ``(d) Payment.--Notwithstanding any other provision of this title, the payment under subsection (a) shall be paid only as provided in section 253 of the Social Security Act.''. (b) Conforming Amendment.--The table of sections for chapter 25 of such Code is amended by adding at the end the following new item: ``Sec. 3511. Social Security guarantee refundable credit.''. (c) Effective Date.--The amendments made by this section shall apply to remuneration received, and net earnings for self-employment for services performed, in calendar years ending after the date of the enactment of this Act. SEC. 102. ESTABLISHMENT OF THE SOCIAL SECURITY GUARANTEE PROGRAM. (a) In General.--Title II of the Social Security Act is amended-- (1) by inserting before section 201 the following: ``Part A--Insurance Benefits''; and (2) by adding at the end of such title the following new part: ``Part B--Social Security Guarantee Program ``definitions ``Sec. 251. For purposes of this part-- ``(1) Covered individual.--The term `covered individual' means an individual who has filed an election under section 253(b). ``(2) Account assets.--The term `account assets' means, with respect to a Social Security guarantee account, the total amount transferred to such account, increased by earnings credited under this part and reduced by losses and administrative expenses under this part. ``(3) Certified account manager.--The term `certified account manager' means a person who is certified under section 257(b). ``(4) Board.--The term `Board' means the Social Security Guarantee Board established under section 257(a). ``(5) Commissioner.--The term `Commissioner' means the Commissioner of Social Security. ``(6) Program.--The term `Program' means the Social Security Guarantee Program established under this part. ``(7) Covered monthly insurance benefit.--The term `covered monthly insurance benefit' means a monthly insurance benefit under section 202 or 223, other than a child's insurance benefit under section 202(d) of a child who has not attained age 18 (or who is a full-time elementary or secondary school student (as defined in section 202(d)(7)(A)) and has not attained age 19). ``establishment of program ``Sec. 252. There is hereby established a Social Security Guarantee Program. The Program shall be governed by regulations which shall be prescribed by the Social Security Guarantee Board. The Board, the Executive Director appointed by the Board, the Commissioner, and the Secretary of the Treasury shall consult with each other in issuing regulations relating to their respective duties under this part. Such regulations shall provide for appropriate exchange of information to assist them in performing their duties under this part. ``social security guarantee accounts ``Sec. 253. (a) Establishment of Accounts.--Under regulations which
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