A bill to amend the Internal Revenue Code of 1954 and title II of the Social Security Act to provide a full exemption (through credit or refund) from the employees' tax under the Federal Insurance Contributions Act, and an equivalent reduction in the self-employment tax, in the case of individuals who have attained age 65.

Summary

Provides a full exemption for individuals 65 years of age or older (through credit or refund) from the employees' tax under the Federal Insurance Contributions Act (assessing taxes for support of the Federal Old-Age, Survivors, and Disability, and the hospital insurance program of the Social Security Act) and a proportionate reduction in the self-employment tax in the case of individuals who have attained age 65.

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1 official file

• Introduced in House

  summary · EN · 14 January 1975

  Open at official source

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