Social Security Refinancing Amendments of 1989

Summary

Social Security Refinancing Amendments of 1989 - Title I: Financing of Old-Age, Survivors, and Disability Insurance Program - Amends the Internal Revenue Code to adjust the tax rates applicable to employers, employees, and self-employed individuals for old age, survivors and disability insurance coverage. Amends title II (Old Age, Survivors and Disability Insurance) of the Social Security Act to alter percentages of wages and self-employment income to be allocated to the Federal Disability Insurance Trust Fund. Title II: Financing of Medicare Program - Amends the Internal Revenue Code to eliminate employment and self-employment taxes as a means of financing hospital insurance coverage. Amends part A (Hospital Insurance) of title XVIII (Medicare) of the Social Security Act to provide financing for the Medicare program with appropriations from general revenues earmarked by the Secretary of the Treasury in consultation with the Secretary of Health and Human Services. Bases such appropriations on the expected needs of the Federal Hospital Insurance Trust Fund in each fiscal year allocated among individual tax receipts according to a specified formula. Requires an equal amount to be allocated from corporate tax returns. Title III: Miscellaneous Provisions - Directs the Secretary of the Treasury to print on each individual tax return form notice of the amount of the individual's Federal income tax which will be allocated to the Medicare program.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

No timeline events have been ingested for this record yet.

Votes

No vote records are attached yet.

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

2 official files

• Introduced in House (text)

  Introduced in House · EN

  ViewDownloadOpen at official source

• Introduced in House

  summary · EN · 3 January 1989

  Open at official source

Sponsors

No sponsors or actors listed by the source.

Related records

No cross-record relationships stored yet.