Summary: H.R.5028 — 106th Congress (1999-2000)All Information (Except Text)

There is one summary for H.R.5028. Bill summaries are authored by CRS.

Shown Here:
Introduced in House (07/27/2000)

Straight Talk on Social Security Act - Amends the Social Security Act to require social security account statements to contain: (1) a comparison of the annual social security tax inflows to the amount paid in benefits annually and a statement of whether the ratio will result in a cash flow deficit and what year such deficit will commence as well as the first year in which funds in the Federal Old-Age and Survivors and Disability Insurance Trust Funds will cease to be sufficient to cover the deficit and the percentage of benefits due at that time that could be paid from annual tax inflows; and (2) an explanation of the average rate of return that a taxpayer can expect to receive on old-age insurance benefits as compared to the total amount of social security taxes a taxpayer expects to pay.