H.R.5227 - A bill to amend the Congressional Budget and Impoundment Control Act of 1974 and the Balanced Budget and Emergency Deficit Control Act of 1985 to exclude receipts and disbursements of the social security trust funds when calculating maximum budget deficit amounts, and to provide for a study to develop information and recommendations to the Congress relating to redirection of FICA and SECA taxes to individual retirement accounts or annuities or other retirement income arrangements.100th Congress (1987-1988)
|Sponsor:||Rep. Porter, John Edward [R-IL-10] (Introduced 08/11/1988)|
|Committees:||House - Government Operations; Ways and Means|
|Latest Action:||House - 08/24/1988 Referred to Subcommittee on Social Security. (All Actions)|
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Summary: H.R.5227 — 100th Congress (1987-1988)All Information (Except Text)
Introduced in House (08/11/1988)
Amends the Congressional Budget and Impoundment Control Act of 1974 to exclude, beginning with FY 1990, receipts and outlays for the Federal Old-Age and Survivors Insurance Trust Fund and the Federal Disability Insurance Trust Fund from Federal deficit determinations for purposes of the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act).
Directs the Board of Trustees of these trust funds to make a thorough study with respect to redirecting amounts that would ordinarily be paid as employment taxes into individual retirement accounts or other retirement income arrangements. Enumerates items to be included in the study. Requires the Board to report its findings to specified congressional leadership within one year of this Act's enactment.