Social Security Reform Act of 1983

Summary

Social Security Reform Act of 1983 - Amends title II (Old Age, Survivors and Disability Insurance) of the Social Security Act to require that the following items be treated as separate functional categories in the Federal budget: (1) those disbursements from the Federal Old-Age and Survivors Insurance Trust Fund which are not intragovernmental transfers within the Government; and (2) the old age, survivors and disability insurance taxes imposed on employers, employees, and self-employment income. Amends title II and XVIII (Medicare) of the Social Security Act to consolidate the Federal Disability Insurance Trust Fund and the Federal Hospital Insurance Trust Fund into the Federal Disability and Health Insurance Trust Fund. Appropriates to the Federal Disability and Health Insurance Trust Fund for FY 1983 and subsequent fiscal years 100 percent of: (1) the disability and hospital insurance taxes imposed on employers, employees, and self-employment income pursuant to this Act; and (2) the income taxes imposed on married individuals filing joint returns and surviving spouses. Provides that disability benefit payments, wife's, husband's, and child's insurance benefit payments to individuals entitled to them on the basis of the wages and self-employment income of a disabled individual, and hospital insurance benefit payments shall be made only from such trust fund. Appropriates to the trust fund amounts necessary, upon total depletion of the balance of the trust fund, to assure the prompt payment of such benefits and of any administrative expenses and to provide an adequate contingency reserve. Requires the transfer at least once each fiscal year of amounts certified as overpayments to the Federal Disability and Health Insurance Trust Fund from the Federal Old-Age and Survivors Insurance Trust Fund and from the Railroad Retirement Account. Amends the Internal Revenue Code to impose an old-age and survivors insurance tax and a disability and hospital insurance tax on employers, employees, and self-employment income. (Under current law, there is imposed an old age, survivors and disability insurance tax and a hospital insurance tax on employers, employees, and self-employment income.) Imposes a disability and health insurance surtax of five percent of an individual's income taxes. Amends title II of the Social Security Act to base cost of living adjustments on increases in the hourly earnings index for private nonfarm workers. Amends title II of the Social Security Act and the Internal Revenue Code to provide coverage under the Old Age, Survivors and Disability Insurance program for Federal employees and employees of tax-exempt organizations.

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1 official file

• Introduced in House

  summary · EN · 17 February 1983

  Open at official source

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