A bill to maintain in effect for 1978 and succeeding years the social security tax rate which was in effect for 1977, and to provide that there shall be paid into the social security trust funds from general revenues an amount equal to the difference in social security taxes actually received by them and the amount which would have been received by them if the social security tax rates prescribed by existing law for such years had continued in effect.

Summary

Amends the Internal Revenue Code to maintain in effect for 1978 and years thereafter the social security tax rates on wages received by employees and paid by employers, and on self employment income which were in effect in 1977, for purposes of Titles II (Old-Age, Survivors, and Disability Insurance) and XVIII (Medicare) of the Social Security Act. Provides that the difference between the amount yielded by the 1977 rates and the amount which would have been yielded if the rates established by the Social Security Amendments of 1977 had gone into effect shall be paid into the social security trust funds from general revenues.

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1 official file

• Introduced in Senate

  summary · EN · 15 March 1978

  Open at official source

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