A bill to amend title II of the Social Security Act and chapters 2 and 21 of the Internal Revenue Code of 1954 to remove the ceiling presently imposed upon the amount of earnings which may be counted annually for social security benefit and tax purposes (with the maximum benefits resulting therefrom being limited to twice the present maximum rate), and to fix social security taxes permanently (for cash profit purposes) at a single reduced rate for both employees and employers.

Summary

Removes, under the Internal Revenue Code of 1954, the ceiling presently imposed upon the amount of earnings which may be counted annually for social security benefit and tax purposes (with the maximum benefits resulting therefrom being limited to twice the present maximum rate). Fixes the social security taxes permanently (for cash benefit purposes) at a single reduced rate for both employees and employers.

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1 official file

• Introduced in House

  summary · EN · 15 January 1973

  Open at official source

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