Summary: S.2503 — 95th Congress (1977-1978)All Information (Except Text)

There is one summary for S.2503. Bill summaries are authored by CRS.

Shown Here:
Introduced in Senate (02/06/1978)

Social Security Refinancing Act - Amends Title II (Old-Age, Survivors, and Disability Insurance) and XVIII (Medicare) of the Social Security Act, and the Internal Revenue Code to finance the payment of disability insurance benefits and hospital insurance benefits through general tax revenues, rather than through employment and self-employment tax revenues.

Reduces employment and self-employment tax rates below the rates established by the Social Security Financing Amendments of 1977.