A bill to amend the Social Security Act to provide for a minimum annual income (subject to subsequent increases to reflect the cost of living) of $3,850 in the case of elderly individuals and $5,200 in the case of elderly couples.

Summary

Adds the following title to the Social Security Act: Title XX: Assured Minimum Annual Income Benefits for the Aged. Amends the Social Security Act to assure a minimum annual income of $5,200 annually for a married individual living with his spouse or $3,850 for any other individual if such individual has reached the age of 62 and is a resident of the United States. Directs that no married individual who is living with his spouse for any month shall be entitled to a payment for such month if the spouse of such individual receives such a payment for such month. Specifies that "annual income" means the total amount of income from all sources received in the calendar year. Directs that in calculating income any individual who is engaged in any trade or business shall deduct from income any expenses incurred in carrying on such trade or business. Sets forth a formula for an annual adjustment of minimum income and benefit levels.

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Documents

1 official file

• Introduced in House

  summary · EN · 4 January 1977

  Open at official source

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