S.2503 - Social Security Refinancing Act95th Congress (1977-1978)
|Sponsor:||Sen. Nelson, Gaylord [D-WI] (Introduced 02/06/1978)|
|Committees:||Senate - Finance|
|Latest Action:||Senate - 02/06/1978 Referred to Senate Committee on Finance. (All Actions)|
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Summary: S.2503 — 95th Congress (1977-1978)All Information (Except Text)
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.