A bill to amend the Social Security Act and the Internal Revenue Code of 1954 to provide for Federal participation in the costs of the social security program, with a substantial increase in the contribution and benefit base and with appropriate reductions in social security taxes to reflect the Federal Government's participation in such costs.

Summary

Reduces the rate of tax imposed under the Internal Revenue Code of 1954 on the self-employed, employees, and employers for the payment of the cost of the old-age, survivors, and disability insurance and the hospital insurance programs of the Social Security Act. Increases the Contribution and benefit base for tax determination purpose under the old-age, survivors, and disability insurance program. Increases by 50 percent the annual Federal contribution to the Federal Old-Age and Survivors Insurance Trust Fund.

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Timeline

1. 8 July 1975

   Introduced

   Referred to Senate Committee on Finance.

   Source: IntroReferral

2. 8 July 1975

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

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

Documents

1 official file

• Introduced in Senate

  summary · EN · 8 July 1975

  Open at official source

Sponsors

• Sen. Hartke, Vance [D-IN] · D · Sponsor
• Sen. Abourezk, James [D-SD] · D · Cosponsor
• Sen. McGovern, George [D-SD] · D · Cosponsor
• Sen. Scott, Hugh [R-PA] · R · Cosponsor
• · ssfi00 · Standing

Related records

• related to → A bill to amend the Social Security Act and the Internal Revenue Code of 1954 to provide for Federal participation in the costs of the social security program, with a substantial increase in the contribution and benefit base and with appropriate reductions in social security taxes to reflect the Federal Government's participation in such costs.
• related to → A bill to amend the Social Security Act and the Internal Revenue Code of 1954 to provide for Federal participation in the costs of the social security program, with a substantial increase in the contribution and benefit base and with appropriate reductions in social security taxes to reflect the Federal Government's participation in such costs.