Social Security Improvements Act of 1991

Summary

Social Security Improvements Act of 1991 - Title I: Reduction in Social Security Taxes - Amends the Internal Revenue Code to reduce social security taxes. Amends title II (Old Age, Survivors and Disability Insurance) (OASDI) of the Social Security Act to require Board of Trustee reports to the Congress on the projected balances of the OASDI trust funds over the next ten fiscal years. Prohibits either House of Congress from adjourning in any fiscal year if any such report projects that the OASDI trust funds, individually or collectively, will not be in close actuarial balance. Defines "close actuarial balance" to mean that the projected fund income for the year is at least 90 percent but not more than 110 percent of projected fund disbursements for such year. Modifies restrictions in the Omnibus Budget Reconciliation Act of 1990 and the Congressional Budget Act of 1974 on revising OASDI taxes and benefits. Requires Advisory Council on Social Security reports on OASDI trust fund status after FY 2015. Title II: Repeal of Provisions Relating to Deductions on Account of Work - Amends the OASDI program to remove the limitation on the amount of outside income a beneficiary may earn without incurring a reduction in benefits. Title III: Inflation Adjustment of Thresholds For Taxing Social Security Benefits - Amends the Internal Revenue Code to provide an inflation adjustment after 1991 for income thresholds in determining the taxation of social security benefits. Excludes income from individual retirement plans when determining modified adjusted gross income.

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2 official files

• Introduced in House (text)

  Introduced in House · EN

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• Introduced in House

  summary · EN · 7 May 1991

  Open at official source

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