Summary: H.R.11246 — 95th Congress (1977-1978)All Information (Except Text)

There is one summary for H.R.11246. Bill summaries are authored by CRS.

Shown Here:
Introduced in House (03/02/1978)

Amends Title II (Old-Age, Survivors, and Disability Insurance) of the Social Security Act and the Internal Revenue Code to reduce tax rates below the level established by the Social Security Amendments of 1977 on employment income for both employers and employees and on self-employment income.

Increases Federal contributions to the Federal Old-Age and Survivors Insurance Trust Fund, the Federal Disability Insurance Trust Fund, and the Federal Hospital Insurance Trust Fund established under Title XVIII (Medicare) of the Social Security Act by 50 percent.

Increases the ceiling on the amount of income that is subject to social security taxation to $100,000 in 1979.