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
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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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