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H.R. 760 (ih) To amend the Internal Revenue Code of 1986 to permanently extend the research credit. [Introduced in House] ...


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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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