Working Americans Gainful Employment (WAGE) Act

Summary

Working Americans Gainful Employment (WAGE) Act - Amends the Internal Revenue Code, with respect to the tax on employees and the tax on self-employment income under the Federal Insurance Contributions Act (FICA tax), to require the Secretary of the Treasury to prescribe annually a rate for the social security retirement taxes which shall apply in lieu of the otherwise applicable rate to remuneration received in the succeeding calendar year. Requires such FICA tax rate to be the rate estimated by the Secretary to reduce revenues to the United States during such year in an amount equal to the Federal budget surplus for the fiscal year ending during the preceding calendar year, subject to adjustments to the extent prior estimates were in excess of or less than the actual revenue reductions. Declares that any change in budget authority, outlays, or receipts resulting from this Act shall not be considered for purposes of calculating the deficit increase for any year under the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman- Hollings Act).

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Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 25 March 1999

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• Introduced in House (PDF)

  Introduced in House · EN · 25 March 1999

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• Introduced in House

  summary · EN · 25 March 1999

  Open at official source

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