To amend the Congressional Budget and Impoundment Control Act of 1974 and the Balanced Budget and Emergency Deficit Control Act of 1985 to exclude receipts and disbursements of the social security trust funds when calculating maximum budget deficit amounts, and to provide for a study to develop information and recommendations to the Congress relating to redirection of FICA and SECA taxes to individual retirement accounts or annuities or other retirement income arrangements.

Summary

Amends the Congressional Budget and Impoundment Control Act of 1974 to exclude, beginning with FY 1991, receipts and outlays for the Federal Old-Age and Survivors Insurance Trust Fund and the Federal Disability Insurance Trust Fund from Federal deficit determinations for purposes of the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act). Directs the Board of Trustees of these trust funds to make a thorough study with respect to redirecting amounts that would ordinarily be paid as employment taxes into individual retirement accounts or other retirement income arrangements. Enumerates items to be included in the study. Requires the Board to report its findings to specified congressional leadership within one year of this Act's enactment.

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Timeline

1. 2 August 1989

   Introduced

   Referred to the House Committee on Ways and Means.

   Source: IntroReferral

2. 2 August 1989

   Introduced

   Introduced in House

   Source: IntroReferral

3. 2 August 1989

   Introduced

   Introduced in House

   Source: IntroReferral

4. 11 August 1989

   Referred

   Referred to the Subcommittee on Legislation and National Security.

   Source: Committee

Votes

No vote records are attached yet.

Versions

• Introduced in House · — · Download file

Documents

2 official files

• Introduced in House (text)

  Introduced in House · EN

  ViewDownloadOpen at official source

• Introduced in House

  summary · EN · 2 August 1989

  Open at official source

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Sponsors

• Rep. Porter, John Edward [R-IL-10] · R · Sponsor
• Rep. Petri, Thomas E. [R-WI-6] · R · Sponsor
• Rep. Nielson, Howard C. [R-UT-3] · R · Sponsor
• Rep. Hastert, J. Dennis [R-IL-14] · R · Sponsor
• Rep. Emerson, Bill [R-MO-8] · R · Sponsor
• Rep. Frenzel, Bill [R-MN-3] · R · Cosponsor
• Rep. Gingrich, Newt [R-GA-6] · R · Cosponsor
• Sen. Kyl, Jon [R-AZ] · R · Cosponsor
• Rep. Packard, Ron [R-CA-48] · R · Cosponsor
• · hsgo00 · Standing
• · hswm00 · Standing

Related records

• related to → To amend the Congressional Budget and Impoundment Control Act of 1974 to exclude receipts and disbursements of the social security trust funds from the calculation of Federal deficits and maximum deficit amounts under the Balanced Budget and Emergency Deficit Control Act of 1985.