II
119THCONGRESS
1
STSESSION S. 770
To enhance Social Security benefits and ensure the long-term solvency of
the Social Security program.
IN THE SENATE OF THE UNITED STATES
FEBRUARY27, 2025
Mr. S
ANDERS(for himself, Ms. WARREN, Mr. MERKLEY, Mr. WELCH, Mr.
P
ADILLA, Ms. SMITH, Mr. VANHOLLEN, Mr. MARKEY, Mr. BOOKER,
Mrs. G
ILLIBRAND, and Mr. WHITEHOUSE) introduced the following bill;
which was read twice and referred to the Committee on Finance
A BILL
To enhance Social Security benefits and ensure the long-
term solvency of the Social Security program.
Be it enacted by the Senate and House of Representa-1
tives of the United States of America in Congress assembled, 2
SECTION 1. SHORT TITLE; TABLE OF CONTENTS. 3
(a) S
HORTTITLE.—This Act may be cited as the 4
‘‘Social Security Expansion Act’’. 5
(b) T
ABLE OFCONTENTS.—The table of contents of 6
this Act is as follows: 7
Sec. 1. Short title; table of contents.
Sec. 2. Across-the-board benefit increase.
Sec. 3. Computation of cost-of-living increases.
Sec. 4. Increase in minimum benefit for lifetime low earners based on years in
the workforce.
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Sec. 5. Extended benefit eligibility for children who are full-time students.
Sec. 6. Payroll tax on remuneration up to contribution and benefit base and
more than $250,000.
Sec. 7. Tax on net earnings from self-employment up to contribution and ben-
efit base and more than $250,000.
Sec. 8. Tax on investment gain.
Sec. 9. Social Security Trust Fund established.
SEC. 2. ACROSS-THE-BOARD BENEFIT INCREASE.
1
(a) I
NCREASE OF FIRSTBENDPOINTPERCENT-2
AGE.—Section 215(a)(1)(A)(i) of the Social Security Act 3
(42 U.S.C. 415(a)(1)(A)(i)) is amended by striking ‘‘90 4
percent’’ and inserting ‘‘95 percent’’. 5
(b) A
DJUSTMENTTOBENDPOINTAMOUNT.— 6
(1) I
N GENERAL.—Section 215(a)(1)(B) of the 7
Social Security Act (42 U.S.C. 415(a)(1)(B)) is 8
amended— 9
(A) by redesignating clause (iii) as clause 10
(iv); and 11
(B) by inserting after clause (ii) the fol-12
lowing new clause: 13
‘‘(iii) For an individual who is eligible for an 14
old-age or disability insurance benefit (or who dies 15
before becoming eligible for such a benefit) in any 16
calendar year after 2025, the amount determined for 17
the individual under clause (ii) of this subparagraph 18
for purposes of subparagraph (A)(i)(I) shall be in-19
creased by 18 percent.’’. 20
(2) C
ONFORMING AMENDMENT .—Clause (iv) of 21
section 215(a)(1)(B) of the Social Security Act (42 22
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U.S.C. 415(a)(1)(B)), as redesignated by paragraph 1
(1), is amended by inserting ‘‘(after the application 2
of clause (iii), when applicable)’’ after ‘‘clause (ii)’’. 3
(c) E
FFECTIVEDATE.— 4
(1) I
N GENERAL.—The amendments made by 5
this section shall take effect on January 1, 2026, 6
and shall apply with respect to monthly insurance 7
benefits payable under title II of the Social Security 8
Act (42 U.S.C. 401 et seq.) for months in calendar 9
years beginning on or after such date. 10
(2) R
ECOMPUTATION OF PRIMARY INSURANCE 11
AMOUNTS.— 12
(A) I
N GENERAL.—Notwithstanding sec-13
tion 215(f) of the Social Security Act (42 14
U.S.C. 415(f)), the Commissioner of Social Se-15
curity shall recompute primary insurance 16
amounts to the extent necessary to carry out 17
the amendments to this section. 18
(B) R
ULE OF APPLICATION .—In recom-19
puting the primary insurance amount of an in-20
dividual who initially became eligible for old-age 21
or disability insurance benefits before January 22
1, 2026, the Commissioner of Social Security 23
shall apply the increase described in clause (iii) 24
of section 215(a)(1)(B) of the Social Security 25
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Act (as added by subsection (b)(1)(B)) to the 1
amount determined under clause (ii) of such 2
section 215(a)(1)(B) for the calendar year in 3
which the individual initially became eligible for 4
such benefits. 5
SEC. 3. COMPUTATION OF COST-OF-LIVING INCREASES. 6
(a) I
NGENERAL.—Section 215(i)(1) of the Social Se-7
curity Act (42 U.S.C. 415(i)(1)) is amended by adding 8
at the end the following new subparagraph: 9
‘‘(H) the term ‘Consumer Price Index’ means 10
the Consumer Price Index for Elderly Consumers 11
(CPI–E, as published by the Bureau of Labor Sta-12
tistics of the Department of Labor).’’. 13
(b) A
PPLICATION TOPRE-1979 LAW.— 14
(1) I
N GENERAL.—Section 215(i)(1) of the So-15
cial Security Act as in effect in December 1978, and 16
as applied in certain cases under the provisions of 17
such Act as in effect after December 1978, is 18
amended by adding at the end the following new 19
subparagraph: 20
‘‘(D) the term ‘Consumer Price Index’ means 21
the Consumer Price Index for Elderly Consumers 22
(CPI–E, as published by the Bureau of Labor Sta-23
tistics of the Department of Labor).’’. 24
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(2) CONFORMING CHANGE .—Section 215(i)(4) 1
of the Social Security Act (42 U.S.C. 415(i)(4)) is 2
amended— 3
(A) by striking ‘‘and by section 9001’’ and 4
inserting ‘‘, section 9001’’; and 5
(B) by inserting ‘‘and section 3 of the So-6
cial Security Expansion Act,’’ after ‘‘1986,’’. 7
(c) N
OEFFECT ONADJUSTMENTSUNDEROTHER 8
L
AWS.—Section 215(i) of the Social Security Act (42 9
U.S.C. 415(i)) is amended by adding at the end the fol-10
lowing: 11
‘‘(6) Any provision of law (other than in this title, 12
title VIII, or title XVI) which provides for adjustment of 13
an amount based on a change in benefit amounts resulting 14
from a determination made under this subsection shall be 15
applied and administered without regard to the amend-16
ments made by section 3 of the Social Security Expansion 17
Act, and, for purposes of making such an adjustment 18
under such a provision, this subsection as in effect on the 19
day before the date of enactment of such Act shall con-20
tinue to apply.’’. 21
(d) P
UBLICATION OFCONSUMERPRICEINDEX FOR 22
E
LDERLYCONSUMERS.—The Bureau of Labor Statistics 23
of the Department of Labor shall prepare and publish the 24
index authorized by section 191 of the Older Americans 25
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Amendments Act of 1987 (29 U.S.C. 2 note) for each cal-1
endar month, beginning with July of the calendar year fol-2
lowing the calendar year in which this Act is enacted, and 3
such index shall be known as the ‘‘Consumer Price Index 4
for Elderly Consumers’’. 5
(e) E
FFECTIVEDATE.—The amendments made by 6
subsection (a) shall apply to determinations made with re-7
spect to cost-of-living computation quarters (as defined in 8
section 215(i)(1)(B) of the Social Security Act (42 U.S.C. 9
415(i)(1)(B))) ending on or after September 30 of the sec-10
ond calendar year following the calendar year in which this 11
Act is enacted. 12
SEC. 4. INCREASE IN MINIMUM BENEFIT FOR LIFETIME 13
LOW EARNERS BASED ON YEARS IN THE 14
WORKFORCE. 15
(a) I
NGENERAL.—Section 215(a)(1) of the Social 16
Security Act (42 U.S.C. 415(a)(1)) is amended— 17
(1) by redesignating subparagraph (D) as sub-18
paragraph (E); and 19
(2) by inserting after subparagraph (C) the fol-20
lowing new subparagraph: 21
‘‘(D)(i) Effective with respect to the benefits of indi-22
viduals who become eligible for old-age insurance benefits 23
or disability insurance benefits (or die before becoming so 24
eligible) after 2025, no primary insurance amount com-25
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puted under subparagraph (A) may be less than the great-1
er of— 2
‘‘(I) the minimum monthly amount computed 3
under subparagraph (C); or 4
‘‘(II) in the case of an individual who has more 5
than 10 years of work (as defined in clause (iv)(I)), 6
the alternative minimum amount determined under 7
clause (ii). 8
‘‘(ii)(I) The alternative minimum amount determined 9
under this clause is the applicable percentage of
1
⁄12of 10
the annual dollar amount determined under clause (iii) for 11
the year in which the amount is determined. 12
‘‘(II) For purposes of subclause (I), the applicable 13
percentage is the percentage specified in connection with 14
the number of years of work, as set forth in the following 15
table: 16
‘‘If the number of years The applicable
of work is: percentage is:
11 ...................................................................................... 6.25 percent
12 ...................................................................................... 12.50 percent
13 ...................................................................................... 18.75 percent
14 ...................................................................................... 25.00 percent
15 ...................................................................................... 31.25 percent
16 ...................................................................................... 37.50 percent
17 ...................................................................................... 43.75 percent
18 ...................................................................................... 50.00 percent
19 ...................................................................................... 56.25 percent
20 ...................................................................................... 62.50 percent
21 ...................................................................................... 68.75 percent
22 ...................................................................................... 75.00 percent
23 ...................................................................................... 81.25 percent
24 ...................................................................................... 87.50 percent
25 ...................................................................................... 93.75 percent
26 ...................................................................................... 100.00 percent
27 ...................................................................................... 106.25 percent
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‘‘If the number of years The applicable
of work is: percentage is:
28 ...................................................................................... 112.50 percent
29 ...................................................................................... 118.75 percent
30 or more ........................................................................ 125.00 percent.
‘‘(iii) The annual dollar amount determined under 1
this clause is— 2
‘‘(I) for calendar year 2026, the poverty guide-3
line for 2025; and 4
‘‘(II) for any calendar year after 2026, the an-5
nual dollar amount for 2026 multiplied by the ratio 6
of— 7
‘‘(aa) the national average wage index (as 8
defined in section 209(k)(1)) for the second cal-9
endar year preceding the calendar year for 10
which the determination is made, to 11
‘‘(bb) the national average wage index (as 12
so defined) for 2024. 13
‘‘(iv) For purposes of this subparagraph— 14
‘‘(I) the term ‘year of work’ means, with re-15
spect to an individual, a year to which 4 quarters of 16
coverage have been credited based on such individ-17
ual’s wages and self-employment income; and 18
‘‘(II) the term ‘poverty guideline for 2025’ 19
means the annual poverty guideline for 2025 (as up-20
dated annually in the Federal Register by the De-21
partment of Health and Human Services under the 22
authority of section 673(2) of the Omnibus Budget 23
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Reconciliation Act of 1981) as applicable to a single 1
individual.’’. 2
(b) R
ECOMPUTATION.—Notwithstanding section 3
215(f)(1) of the Social Security Act, the Commissioner of 4
Social Security shall recompute primary insurance 5
amounts originally computed for months prior to Novem-6
ber 2025 to the extent necessary to carry out the amend-7
ments made by this section. 8
(c) C
ONFORMINGAMENDMENT.—Section 209(k)(1) 9
of such Act (42 U.S.C. 409(k)(1)) is amended by inserting 10
‘‘215(a)(1)(E),’’ after ‘‘215(a)(1)(D),’’. 11
SEC. 5. EXTENDED BENEFIT ELIGIBILITY FOR CHILDREN 12
WHO ARE FULL-TIME STUDENTS. 13
(a) I
NGENERAL.— 14
(1) I
N GENERAL.—Section 202(d) of the Social 15
Security Act (42 U.S.C. 402(d)) is amended— 16
(A) in paragraph (1)— 17
(i) in subparagraph (B)— 18
(I) by striking ‘‘or (ii)’’ and in-19
serting ‘‘(ii)’’; and 20
(II) by inserting ‘‘or (iii) was the 21
child of an individual entitled to dis-22
ability insurance benefits or of an in-23
dividual who dies a fully or currently 24
insured individual and was a full-time 25
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student at an educational institution 1
and had not attained the age of 22,’’ 2
after ‘‘22,’’; 3
(ii) in subparagraph (E)— 4
(I) by striking ‘‘and (ii)’’ and in-5
serting ‘‘(ii)’’; and 6
(II) by inserting ‘‘and (iii) is not 7
a full-time student at an educational 8
institution during any part of such 9
month (in the case of a child who is 10
the child of an individual entitled to 11
disability insurance benefits or of an 12
individual who dies a fully or cur-13
rently insured individual)’’ before the 14
comma at the end; 15
(iii) in subparagraph (F), by striking 16
clauses (i) and (ii) and inserting the fol-17
lowing: 18
‘‘(i) in the case of a child who is the child 19
of an individual entitled to old-age insurance 20
benefits— 21
‘‘(I) the first month during no part of 22
which the child is a full-time elementary or 23
secondary school student, or 24
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‘‘(II) the month in which the child at-1
tains the age of 19, and 2
‘‘(ii) in the case of a child who is the child 3
of an individual entitled to disability insurance 4
benefits or of an individual who dies a fully or 5
currently insured individual— 6
‘‘(I) the first month during no part of 7
which the child is a full-time student at an 8
educational institution, or 9
‘‘(II) the month in which the child at-10
tains the age of 22,’’; and 11
(iv) in subparagraph (G), by striking 12
clauses (ii) and (iii) and inserting the fol-13
lowing: 14
‘‘(ii) in the case of a child who is the child 15
of an individual entitled to old-age insurance 16
benefits— 17
‘‘(I) the first month during no part of 18
which the child is a full-time elementary or 19
secondary school student, or 20
‘‘(II) the month in which the child at-21
tains the age of 19, and 22
‘‘(iii) in the case of a child who is the child 23
of an individual entitled to disability insurance 24
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benefits or of an individual who dies a fully or 1
currently insured individual— 2
‘‘(I) the first month during no part of 3
which the child is a full-time student at an 4
educational institution, or 5
‘‘(II) the month in which the child at-6
tains the age of 22,’’; 7
(B) in paragraph (6)— 8
(i) in subparagraph (A)— 9
(I) by striking ‘‘or (ii)’’ and in-10
serting ‘‘(ii)’’; and 11
(II) by inserting ‘‘or (iii) is the 12
child of an individual entitled to dis-13
ability insurance benefits or of an in-14
dividual who dies a fully or currently 15
insured individual and is a full-time 16
student at an educational institution 17
and has not attained the age of 22,’’ 18
after ‘‘22,’’; and 19
(ii) by striking subparagraphs (D) 20
and (E) and inserting the following: 21
‘‘(D) the earlier of— 22
‘‘(i) in the case of a child who is the child 23
of an individual entitled to old-age insurance 24
benefits— 25
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‘‘(I) the first month during no part of 1
which the child is a full-time elementary or 2
secondary school student; or 3
‘‘(II) the month in which the child at-4
tains the age of 19; and 5
‘‘(ii) in the case of a child who is the child 6
of an individual entitled to disability insurance 7
benefits or of an individual who dies a fully or 8
currently insured individual— 9
‘‘(I) the first month during no part of 10
which the child is a full-time student at an 11
educational institution; or 12
‘‘(II) the month in which the child at-13
tains the age of 22, 14
but only if the child is not under a disability (as 15
so defined) in such earlier month; or 16
‘‘(E) if the child was under a disability (as so 17
defined), the termination month (as defined in para-18
graph (1)(G)(i)), subject to section 223(e), or (if 19
later) the earlier of— 20
‘‘(i) in the case of a child who is the child 21
of an individual entitled to old-age insurance 22
benefits— 23
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‘‘(I) the first month during no part of 1
which the child is a full-time elementary or 2
secondary school student; or 3
‘‘(II) the month in which the child at-4
tains the age of 19; and 5
‘‘(ii) in the case of a child who is the child 6
of an individual entitled to disability insurance 7
benefits or of an individual who dies a fully or 8
currently insured individual— 9
‘‘(I) the first month during no part of 10
which the child is a full-time student at an 11
educational institution; or 12
‘‘(II) the month in which the child at-13
tains the age of 22.’’; and 14
(C) in paragraph (7), by adding at the end 15
the following new paragraphs: 16
‘‘(E) The term ‘full-time student at an edu-17
cational institution’ means an individual who is in 18
full-time attendance as a student at an elementary 19
school (but only in the case of an individual who has 20
not attained the age of 19) or a secondary school or 21
an institution described in section 102 of the Higher 22
Education Act of 1965 (20 U.S.C. 1002), as deter-23
mined by the Commissioner of Social Security (in 24
accordance with regulations prescribed by the Com-25
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missioner) in the light of the standards and prac-1
tices of the schools and institutions involved, except 2
that no individual shall be considered a ‘full-time 3
student at an educational institution’ if the indi-4
vidual is paid by his employer while attending a 5
school or institution at the request, or pursuant to 6
a requirement, of his employer. An individual shall 7
not be considered a ‘full-time student at an edu-8
cational institution’ for the purpose of this section 9
while that individual is confined in a jail, prison, or 10
other penal institution or correctional facility, pursu-11
ant to the individual’s conviction of an offense (com-12
mitted after the effective date of this sentence) 13
which constituted a felony under applicable law. An 14
individual who is determined to be a full-time stu-15
dent at an educational institution shall be deemed to 16
be such a student throughout the month with re-17
spect to which such determination is made. 18
‘‘(F) Except to the extent provided in such reg-19
ulations, an individual shall be deemed to be a full- 20
time student at a school or educational institution 21
during any period of nonattendance at a school or 22
institution at which he has been in full-time attend-23
ance if (i) such period is 4 calendar months or less, 24
and (ii) the individual shows to the satisfaction of 25
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the Commissioner of Social Security that the indi-1
vidual intends to continue to be in full-time attend-2
ance at a secondary school or institution described 3
in section 102 of the Higher Education Act of 1965 4
(20 U.S.C. 1002) immediately following such period. 5
An individual who does not meet the requirement of 6
clause (ii) with respect to such period of nonattend-7
ance shall be deemed to have met such requirement 8
(as of the beginning of such period) if he is in full- 9
time attendance at such a school or institution im-10
mediately following such period. 11
‘‘(G) A child who attains age 22 at a time when 12
the child is a full-time student of an educational in-13
stitution (as defined in subparagraph (E) and with-14
out application of subparagraph (F)) but has not (at 15
such time) completed the requirements for, or re-16
ceived, a diploma or equivalent certificate from a 17
secondary school (as defined in subparagraph (C)(i)) 18
or, if such child is a student at an educational insti-19
tution described in section 102 of the Higher Edu-20
cation Act of 1965, a diploma, degree, or equivalent 21
degree from such an institution, shall be deemed (for 22
purposes of determining whether the child’s entitle-23
ment to benefits under this subsection has termi-24
nated under paragraph (1)(F) and for purposes of 25
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determining his initial entitlement to such benefits 1
under clause (iii) of paragraph (1)(B)) not to have 2
attained such age until the first day of the first 3
month following the end of the quarter or semester 4
in which he is enrolled at such time (or, if the sec-5
ondary school or educational institution in which he 6
is enrolled is not operated on a quarter or semester 7
system, until the first day of the first month fol-8
lowing the completion of the course in which the 9
child is so enrolled or until the first day of the third 10
month beginning after such time, whichever first oc-11
curs).’’. 12
(2) E
FFECTIVE DATE.—The amendments made 13
by this subsection shall apply to child’s insurance 14
benefits that are payable for months beginning on or 15
after January 1, 2026. 16
(b) R
AILROADRETIREMENTACT.— 17
(1) Section 2(d) of the Railroad Retirement Act 18
of 1974 (45 U.S.C. 232(2)(d)) is amended— 19
(A) in clause (iii) of paragraph (1), by 20
striking ‘‘will be less than nineteen years of age 21
and a full-time elementary or secondary school 22
student’’ and inserting ‘‘will be less than 22 23
years of age and a full-time student at an edu-24
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cational institution (as defined in section 1
202(d)(7)(E) of the Social Security Act)’’; and 2
(B) in paragraph (4)— 3
(i) by striking ‘‘(defining the terms 4
‘full-time elementary or secondary school 5
student’ and ‘elementary or secondary 6
school’)’’; 7
(ii) by striking ‘‘nineteen’’ and insert-8
ing ‘‘22’’; 9
(iii) by striking ‘‘full-time elementary 10
or secondary school student’’ and inserting 11
‘‘full-time student at an educational insti-12
tution’’; 13
(iv) by striking ‘‘subparagraph (A) of 14
paragraph (7) of section 202(d) of the So-15
cial Security Act and without the applica-16
tion of subparagraph (B)’’ and inserting 17
‘‘subparagraph (E) of section 202(d)(7) of 18
the Social Security Act, without regard to 19
subparagraph (F) of such section’’; 20
(v) by striking ‘‘a diploma or equiva-21
lent certificate from a secondary school (as 22
defined in section 202(d)(7)(c)(i) of the 23
Social Security Act)’’ and inserting ‘‘a di-24
ploma, degree, or equivalent certificate 25
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from a secondary school or educational in-1
stitution described in section 202(d)(7)(E) 2
of the Social Security Act’’; and 3
(vi) by striking ‘‘elementary or sec-4
ondary school in which he is enrolled’’ and 5
inserting ‘‘school or institution in which 6
the child is enrolled’’. 7
(2) Section 5(c)(7) of the Railroad Retirement 8
Act of 1974 (45 U.S.C. 235(c)(7)) is amended— 9
(A) by striking ‘‘full-time elementary or 10
secondary school student’’ and inserting ‘‘full- 11
time student at an educational institution’’; and 12
(B) by striking ‘‘19’’ and inserting ‘‘22’’. 13
(3) The amendments made by this subsection 14
shall apply to benefits under the Railroad Retire-15
ment Act of 1974 that are payable for months be-16
ginning on or after January 1, 2026. 17
SEC. 6. PAYROLL TAX ON REMUNERATION UP TO CON-18
TRIBUTION AND BENEFIT BASE AND MORE 19
THAN $250,000. 20
(a) I
NGENERAL.—Paragraph (1) of section 3121(a) 21
of the Internal Revenue Code of 1986 is amended to read 22
as follows: 23
‘‘(1) in the case of taxes imposed by sections 24
3101(a) and 3111(a), for any calendar year in which 25
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•S 770 IS
the contribution and benefit base (as determined 1
under section 230 of the Social Security Act) is less 2
than $250,000, so much of the remuneration (other 3
than remuneration referred to in the succeeding 4
paragraphs of this subsection) with respect to em-5
ployment that has been paid to an individual by an 6
employer during the calendar year as exceeds such 7
contribution and benefit base but does not exceed 8
$250,000;’’. 9
(b) C
ONFORMINGAMENDMENTS.— 10
(1) S
UCCESSOR EMPLOYERS .—Section 3121 of 11
the Internal Revenue Code of 1986 is amended by 12
adding at the end the following new subsection: 13
‘‘(aa) S
PECIALRULES FORSUCCESSOREMPLOY-14
ERS.—For purposes of subsection (a)(1), if an employer 15
(hereinafter referred to as successor employer) during any 16
calendar year acquires substantially all the property used 17
in a trade or business of another employer (hereinafter 18
referred to as a predecessor), or used in a separate unit 19
of a trade or business of a predecessor, and immediately 20
after the acquisition employs in his trade or business an 21
individual who immediately prior to the acquisition was 22
employed in the trade or business of such predecessor, 23
then, for the purpose of determining the amount of remu-24
neration paid by the successor employer under such sub-25
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•S 770 IS
section, any remuneration (other than remuneration re-1
ferred to in the paragraphs succeeding paragraph (1) of 2
subsection (a)) with respect to employment paid (or con-3
sidered under this subsection as having been paid) to such 4
individual by such predecessor during such calendar year 5
and prior to such acquisition shall be considered as having 6
been paid by such successor employer.’’. 7
(2) A
PPLICATION TO RAILROAD RETIREMENT 8
TAXES.—Clause (i) of section 3231(e)(2)(A) of such 9
Code is amended to read as follows: 10
‘‘(i) I
N GENERAL.—For any calendar 11
year in which the applicable base is less 12
than $250,000, the term ‘compensation’ 13
does not include so much of the remunera-14
tion paid during any calendar year to an 15
individual by an employer for services ren-16
dered as an employee to such employer as 17
exceeds the applicable base but does not 18
exceed $250,000.’’. 19
(c) E
FFECTIVEDATE.—The amendments made by 20
this section shall apply to remuneration paid on or after 21
January 1 of the first calendar year that begins after the 22
date of enactment of this Act. 23
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•S 770 IS
SEC. 7. TAX ON NET EARNINGS FROM SELF-EMPLOYMENT 1
UP TO CONTRIBUTION AND BENEFIT BASE 2
AND MORE THAN $250,000. 3
(a) I
NGENERAL.—Paragraph (1) of section 1402(b) 4
of the Internal Revenue Code of 1986 is amended to read 5
as follows: 6
‘‘(1) in the case of the tax imposed by section 7
1401(a) for any taxable year beginning in a calendar 8
year in which the contribution and benefit base (as 9
determined under section 230 of the Social Security 10
Act) is less than $250,000, the excess (if any) of— 11
‘‘(A) so much of the net earnings from 12
self-employment which is in excess of— 13
‘‘(i) an amount equal to the contribu-14
tion and benefit base (as determined under 15
section 230 of the Social Security Act) 16
which is effective for the calendar year in 17
which such taxable year begins, minus 18
‘‘(ii) the amount of the wages paid to 19
such individual during such taxable years, 20
over 21
‘‘(B) the sum of— 22
‘‘(i) the excess (if any) of— 23
‘‘(I) the net earning from self- 24
employment reduced by the excess (if 25
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•S 770 IS
any) of subparagraph (A)(i) over sub-1
paragraph (A)(ii), over 2
‘‘(II) $250,000, reduced by such 3
contribution and benefit base, plus 4
‘‘(ii) the amount of the wages paid to 5
such individual during such taxable year in 6
excess of such contribution and benefit 7
base and not in excess of $250,000; or’’. 8
(b) E
FFECTIVEDATE.—The amendments made by 9
this section shall apply to net earnings from self-employ-10
ment derived, and remuneration paid, on or after January 11
1 of the first calendar year that begins after the date of 12
enactment of this Act. 13
SEC. 8. TAX ON INVESTMENT GAIN. 14
(a) I
NCREASE INTAX.— 15
(1) I
N GENERAL.—Subsection (a) of section 16
1411 of the Internal Revenue Code of 1986 is 17
amended by striking ‘‘3.8 percent’’ each place it ap-18
pears and inserting ‘‘16.2 percent’’. 19
(2) C
ONFORMING AMENDMENT .—The heading 20
for chapter 2A of the Internal Revenue Code of 21
1986 is amended by striking ‘‘UNEARNED IN-22
COME MEDICARE CONTRIBUTION ’’ and 23
inserting ‘‘ADDITIONAL TAX ON UN-24
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•S 770 IS
EARNED INCOME IN LIEU OF SOCIAL 1
SECURITY AND MEDICARE TAXES ’’. 2
(b) I
NCLUSION OFACTIVETRADE ORBUSINESSIN-3
COME.— 4
(1) I
N GENERAL.—Section 1411(c)(1)(A) of the 5
Internal Revenue Code of 1986 is amended— 6
(A) in clause (i), by striking ‘‘, other than 7
such income which is derived in the ordinary 8
course of a trade or business not described in 9
paragraph (2)’’, 10
(B) in clause (ii), by striking ‘‘described in 11
paragraph (2)’’ and inserting ‘‘(determined 12
under rules similar to the rules of paragraphs 13
(5) and (6) of section 469(c))’’, and 14
(C) in clause (iii), by striking ‘‘other than 15
property held in a trade or business not de-16
scribed in paragraph (2)’’. 17
(2) D
ENIAL OF DEDUCTION FOR NET OPER -18
ATING LOSSES.—Section 1411(c)(1)(B) of such Code 19
is amended by inserting ‘‘(other than the deduction 20
for net operating losses provided in section 172)’’ 21
after ‘‘net gain’’. 22
(3) C
ONFORMING AMENDMENTS .— 23
(A) Section 1411(c) of such Code is 24
amended by striking paragraphs (2), (3), and 25
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•S 770 IS
(4) and by redesignating paragraphs (5) and 1
(6) as paragraphs (2) and (3), respectively. 2
(B) Section 1411(c)(3) of such Code, as 3
redesignated by subparagraph (A), is amended 4
to read as follows: 5
‘‘(3) S
PECIAL RULE.—Net investment income 6
shall not include— 7
‘‘(A) any item taken into account in deter-8
mining self-employment income for such taxable 9
year on which a tax is imposed by section 1401, 10
or 11
‘‘(B) any item taken into account in deter-12
mining wages received with respect to employ-13
ment for such taxable year on which a tax is 14
imposed by section 3101.’’. 15
(c) E
FFECTIVEDATE.—The amendments made by 16
this section shall apply to taxable years beginning after 17
the date of enactment of this Act. 18
SEC. 9. SOCIAL SECURITY TRUST FUND ESTABLISHED. 19
(a) I
NGENERAL.—Section 201(a) of the Social Secu-20
rity Act (42 U.S.C. 401(a)) is amended to read as follows: 21
‘‘(a) There is hereby created on the books of the 22
Treasury of the United States a trust fund to be known 23
as the ‘Social Security Trust Fund’. The Social Security 24
Trust Fund shall consist of the securities held by the Sec-25
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•S 770 IS
retary of the Treasury for the Federal Old-Age and Sur-1
vivors Insurance Trust Fund and the Federal Disability 2
Insurance Trust Fund and the amount standing to the 3
credit of the Federal Old-Age and Survivors Insurance 4
Trust Fund and the Federal Disability Insurance Trust 5
Fund on the books of the Treasury on January 1 of the 6
first calendar year beginning after the date of the enact-7
ment of section 9 of the Social Security Expansion Act, 8
which securities and amount the Secretary of the Treasury 9
is authorized and directed to transfer to the Social Secu-10
rity Trust Fund, and, in addition, such gifts and bequests 11
as may be made as provided in subsection (i)(1), and such 12
amounts as may be appropriated to, or deposited in, the 13
Social Security Trust Fund as hereinafter provided. There 14
is hereby appropriated to the Social Security Trust Fund 15
for the first fiscal year that begins after the date of the 16
enactment of section 9 of the Social Security Expansion 17
Act, and for each fiscal year thereafter, out of any moneys 18
in the Treasury not otherwise appropriated, amounts 19
equivalent to 100 percent of— 20
‘‘(1) the taxes imposed by chapter 21 (other 21
than sections 3101(b) and 3111(b)) of the Internal 22
Revenue Code of 1986 with respect to wages (as de-23
fined in section 3121 of such Code) reported to the 24
Secretary of the Treasury pursuant to subtitle F of 25
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•S 770 IS
the Internal Revenue Code of 1986, as determined 1
by the Secretary of the Treasury by applying the ap-2
plicable rates of tax under such chapter (other than 3
sections 3101(b) and 3111(b)) to such wages, which 4
wages shall be certified by the Commissioner of So-5
cial Security on the basis of the records of wages es-6
tablished and maintained by such Commissioner in 7
accordance with such reports; 8
‘‘(2) the taxes imposed by chapter 2 (other than 9
section 1401(b)) of the Internal Revenue Code of 10
1986 with respect to self-employment income (as de-11
fined in section 1402 of such Code) reported to the 12
Secretary of the Treasury on tax returns under sub-13
title F of such Code, as determined by the Secretary 14
of the Treasury by applying the applicable rate of 15
tax under such chapter (other than section 1401(b)) 16
to such self-employment income, which self-employ-17
ment income shall be certified by the Commissioner 18
of Social Security on the basis of the records of self- 19
employment income established and maintained by 20
the Commissioner of Social Security in accordance 21
with such returns; and 22
‘‘(3) 62 percent of the taxes imposed under sec-23
tion 1411 of the Internal Revenue Code of 1986. 24
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The amounts appropriated by paragraphs (1), (2), and (3) 1
shall be transferred from time to time from the general 2
fund in the Treasury to the Social Security Trust Fund, 3
such amounts to be determined on the basis of estimates 4
by the Secretary of the Treasury of the taxes, specified 5
in paragraphs (1), (2), and (3), paid to or deposited into 6
the Treasury; and proper adjustments shall be made in 7
amounts subsequently transferred to the extent prior esti-8
mates were in excess of or were less than the taxes speci-9
fied in such paragraphs. All amounts transferred to the 10
Social Security Trust Fund under the preceding sentence 11
shall be invested by the Managing Trustee in the same 12
manner and to the same extent as the other assets of the 13
Trust Fund. Notwithstanding the preceding sentence, in 14
any case in which the Secretary of the Treasury deter-15
mines that the assets of the Trust Fund would otherwise 16
be inadequate to meet the Trust Fund’s obligations for 17
any month, the Secretary of the Treasury shall transfer 18
to the Trust Fund on the first day of such month the 19
total amount which would have been transferred to the 20
Trust Fund under this section as in effect on October 1, 21
1990; and the Trust Fund shall pay interest to the general 22
fund on the amount so transferred on the first day of any 23
month at a rate (calculated on a daily basis, and applied 24
against the difference between the amount so transferred 25
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•S 770 IS
on such first day and the amount which would have been 1
transferred to the Trust Fund up to that day under the 2
procedures in effect on January 1, 1983) equal to the rate 3
earned by the investments of the Trust Fund in the same 4
month under subsection (d).’’. 5
(b) R
EQUIRED ACTUARIALANALYSIS.—Section 6
201(c) of the Social Security Act is amended by striking 7
the fourth sentence in the matter following paragraph (5) 8
and inserting the following: ‘‘Such report shall also include 9
actuarial analysis of the benefit cost with respect to dis-10
abled beneficiaries and their auxiliaries, to retired bene-11
ficiaries and their auxiliaries, and to survivor bene-12
ficiaries.’’. 13
(c) B
OARD OFTRUSTEES.— 14
(1) B
OARD OF TRUSTEES OF SOCIAL SECURITY 15
TRUST FUND.—Section 201(c) of the Social Security 16
Act, as amended by subsection (b) of this section, is 17
further amended in the matter preceding paragraph 18
(1) by striking ‘‘the Federal Old-Age and Survivors 19
Insurance Trust Fund and the Federal Disability 20
Insurance Trust Fund (hereinafter in this title 21
called the ‘Trust Funds’)’’ and inserting ‘‘the Social 22
Security Trust Fund (in this title referred to as the 23
‘Trust Fund’)’’. 24
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•S 770 IS
(2) CONTINUITY OF BOARD OF TRUSTEES .— 1
The Board of Trustees of the Social Security Trust 2
Fund created by the amendment made by subsection 3
(a) shall be a continuous body with the Board of 4
Trustees of the Federal Old-Age and Survivors In-5
surance Trust Fund and the Federal Disability In-6
surance Trust Fund in operation prior to the effec-7
tive date of such amendment. Individuals serving as 8
members of the Board of Trustees of the Federal 9
Old-Age and Survivors Insurance Trust Fund and 10
the Federal Disability Insurance Trust Fund as of 11
the effective date of such amendment shall serve the 12
remainder of their term as members of the Board of 13
Trustees of the Social Security Trust Fund. 14
(d) C
ONFORMINGAMENDMENTS RELATED TOSO-15
CIALSECURITYTRUSTFUND.— 16
(1) A
MENDMENT TO SECTION HEADING .—The 17
section heading for section 201 of the Social Secu-18
rity Act is amended to read as follows: ‘‘
SOCIAL SE-19
CURITY TRUST FUND’’. 20
(2) B
OARD OF TRUSTEES .—Section 201(c) of 21
such Act, as amended by subsections (b) and (c)(1), 22
is further amended— 23
(A) in the matter preceding paragraph (1), 24
by striking ‘‘Board of Trustees of the Trust 25
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•S 770 IS
Funds’’ and inserting ‘‘Board of Trustees of 1
the Trust Fund’’; 2
(B) in paragraph (1), by striking ‘‘Trust 3
Funds’’ and inserting ‘‘Trust Fund’’; 4
(C) in paragraph (2)— 5
(i) by striking ‘‘Trust Funds’’ and in-6
serting ‘‘Trust Fund’’; and 7
(ii) by striking ‘‘their’’ and inserting 8
‘‘its’’; 9
(D) in paragraph (3), by striking ‘‘either 10
of the Trust Funds’’ and inserting ‘‘the Trust 11
Fund’’; 12
(E) in paragraph (5)— 13
(i) by striking ‘‘managing the Trust 14
Funds’’ and inserting ‘‘managing the 15
Trust Fund’’; and 16
(ii) by striking ‘‘Trust Funds are’’ 17
and inserting ‘‘Trust Fund is’’; 18
(F) in the matter following paragraph (5), 19
by striking ‘‘Trust Funds’’ each place it ap-20
pears and inserting ‘‘Trust Fund’’; and 21
(G) in the second sentence in the matter 22
following paragraph (5), by striking ‘‘whether 23
the Federal Old-Age and Survivors Insurance 24
Trust Fund and the Federal Disability Insur-25
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•S 770 IS
ance Trust Fund, individually and collectively, 1
are’’ and inserting ‘‘whether the Social Security 2
Trust Fund is’’. 3
(3) I
NVESTMENTS.—Section 201 of such Act is 4
amended in subsections (d) and (e) by striking 5
‘‘Trust Funds’’ each place it appears and inserting 6
‘‘Trust Fund’’. 7
(4) C
REDITING OF INTEREST AND PROCEEDS 8
TO TRUST FUNDS .—Section 201(f) of such Act is 9
amended— 10
(A) by striking ‘‘the Federal Old-Age and 11
Survivors Insurance Trust Fund and the Fed-12
eral Disability Insurance Trust Fund shall be 13
credited to and form a part of the Federal Old- 14
Age and Survivors Insurance Trust Fund and 15
the Disability Insurance Trust Fund, respec-16
tively’’ and inserting ‘‘the Social Security Trust 17
Fund shall be credited to and form a part of 18
the Social Security Trust Fund’’; 19
(B) by striking ‘‘either of the Trust 20
Funds’’ and inserting ‘‘the Trust Fund’’; and 21
(C) by striking ‘‘such Trust Fund’’ and in-22
serting ‘‘the Trust Fund’’. 23
(5) A
DMINISTRATIVE COSTS.—Section 201(g) of 24
such Act is amended— 25
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•S 770 IS
(A) in paragraph (1)— 1
(i) in subparagraph (A), by striking 2
‘‘Of the amounts authorized to be made 3
available out of the Federal Old-Age and 4
Survivors Insurance Trust Fund and the 5
Federal Disability Insurance Trust Fund 6
under the preceding sentence’’ and all that 7
follows through ‘‘(Public Law 103–296).’’; 8
and 9
(ii) in subparagraph (B)(i)— 10
(I) by striking subclauses (II) 11
and (III) and inserting the following: 12
‘‘(II) the portion of such costs which 13
should have been borne by the Social Security 14
Trust Fund,’’; and 15
(II) by redesignating subclauses 16
(IV) and (V) as subclauses (III) and 17
(IV); 18
(B) in paragraph (2)— 19
(i) by striking ‘‘Trust Funds’’ and in-20
serting ‘‘Trust Fund’’; and 21
(ii) by striking the last sentence; and 22
(C) in paragraph (4), by striking ‘‘Trust 23
Funds’’ each place it appears and inserting 24
‘‘Trust Fund’’. 25
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•S 770 IS
(6) BENEFIT PAYMENTS .—Section 201(h) of 1
such Act is amended to read as follows: 2
‘‘(h) All benefit payments required to be made under 3
this title shall be made only from the Social Security Trust 4
Fund.’’. 5
(7) G
IFTS.—Section 201(i) of such Act is 6
amended— 7
(A) in paragraph (1), by striking ‘‘the 8
Federal Old-Age and Survivors Insurance Trust 9
Fund, the Federal Disability Insurance Trust 10
Fund’’ and inserting ‘‘the Social Security Trust 11
Fund’’; and 12
(B) in paragraph (2)(B), by striking ‘‘the 13
Federal Old-Age and Survivors Insurance Trust 14
Fund’’ and inserting ‘‘the Social Security Trust 15
Fund’’. 16
(8) T
RAVEL EXPENSES.—Section 201(j) of such 17
Act is amended by striking ‘‘the Federal Old-Age 18
and Survivors Insurance Trust Fund, or the Federal 19
Disability Insurance Trust Fund (as determined ap-20
propriate by the Commissioner of Social Security)’’ 21
and inserting ‘‘the Social Security Trust Fund’’. 22
(9) D
EMONSTRATION PROJECTS .—Section 23
201(k) of such Act is amended by striking ‘‘the Fed-24
eral Disability Insurance Trust Fund and the Fed-25
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•S 770 IS
eral Old-Age and Survivors Insurance Trust Fund, 1
as determined appropriate by the Commissioner of 2
Social Security’’ and inserting ‘‘the Social Security 3
Trust Fund’’. 4
(10) B
ENEFIT CHECKS.—Section 201(m) of 5
such Act is amended— 6
(A) in paragraph (2), by striking ‘‘each of 7
the Trust Funds’’ and inserting ‘‘the Social Se-8
curity Trust Fund’’; 9
(B) in paragraph (3), by striking ‘‘one of 10
the Trust Funds’’ and inserting ‘‘the Trust 11
Fund’’; and 12
(C) by striking ‘‘such Trust Fund’’ each 13
place it appears and inserting ‘‘the Trust 14
Fund’’. 15
(11) C
ONFORMING REPEALS .— 16
(A) I
N GENERAL.—Section 201 of such 17
Act is amended by striking subsections (b), (l), 18
and (n). 19
(B) R
EDESIGNATIONS.—Section 201 of 20
such Act is further amended— 21
(i) by redesignating subsections (c) 22
through (j) as subsections (b) through (i), 23
respectively; 24
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•S 770 IS
(ii) by redesignating subsection (k) as 1
subsection (j); and 2
(iii) by redesignating subsection (m) 3
as subsection (k). 4
(C) R
EFERENCES TO REDESIGNATED SEC -5
TIONS.— 6
(i) Section 201(a) of such Act, as 7
amended by subsection (a) of this section, 8
is further amended— 9
(I) by striking ‘‘subsection 10
(i)(1)’’ and inserting ‘‘subsection 11
(h)(1)’’; and 12
(II) by striking ‘‘subsection (d)’’ 13
and inserting ‘‘subsection (c)’’. 14
(ii) Section 1131(b)(1) of such Act is 15
amended by striking ‘‘section 201(g)(1)’’ 16
and inserting ‘‘section 201(f)(1)’’. 17
(e) O
THERCONFORMINGAMENDMENTS TO SOCIAL 18
S
ECURITYACT.— 19
(1) T
ITLE II.—Title II of the Social Security 20
Act (42 U.S.C. 401 et seq.) is amended— 21
(A) in section 202(x)(3)(B)(iii), by striking 22
‘‘the Federal Old-Age and Survivors Insurance 23
Trust Fund and the Federal Disability Insur-24
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•S 770 IS
ance Trust Fund, as appropriate,’’ and insert-1
ing ‘‘the Social Security Trust Fund’’; 2
(B) in section 206(d)(5), by striking ‘‘the 3
Federal Old-Age and Survivors Insurance Trust 4
Fund and the Federal Disability Insurance 5
Trust Fund, as appropriate’’ and inserting ‘‘the 6
Social Security Trust Fund’’; 7
(C) in section 206(e)(3)(B), by striking 8
‘‘the Federal Old-Age and Survivors Insurance 9
Trust Fund and the Federal Disability Insur-10
ance Trust Fund’’ and inserting ‘‘the Social Se-11
curity Trust Fund’’; 12
(D) in section 208(b)(5)(A), by striking 13
‘‘the Federal Old-Age and Survivors Insurance 14
Trust Fund and the Federal Disability Insur-15
ance Trust Fund, as appropriate’’ and inserting 16
‘‘the Social Security Trust Fund’’; 17
(E) in section 215(i)(1)(F)— 18
(i) in clause (i)— 19
(I) by striking ‘‘the combined 20
balance in the Federal Old-Age and 21
Survivors Insurance Trust Fund and 22
the Federal Disability Insurance 23
Trust Fund’’ and inserting ‘‘the bal-24
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•S 770 IS
ance in the Social Security Trust 1
Fund’’; and 2
(II) by striking ‘‘and reduced by 3
the outstanding amount of any loan 4
(including interest thereon) thereto-5
fore made to either such Fund from 6
the Federal Hospital Insurance Trust 7
Fund under section 201(l)’’; and 8
(ii) in clause (ii)— 9
(I) by striking ‘‘the Federal Old- 10
Age and Survivors Insurance Trust 11
Fund and the Federal Disability In-12
surance Trust Fund’’ and inserting 13
‘‘the Social Security Trust Fund’’; 14
and 15
(II) by striking ‘‘(other than pay-16
ments’’ and all that follows through 17
‘‘from that Account’’; 18
(F) in section 217(g)(2), by inserting after 19
the first sentence the following: ‘‘For purposes 20
of any such revision of the amount determined 21
under paragraph (1) that occurs in a year that 22
begins after the year in which the Social Secu-23
rity Expansion Act is enacted, any reference in 24
such paragraph to the Federal Old-Age and 25
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Survivors Insurance Trust Fund or the Federal 1
Disability Insurance Trust Fund shall be 2
deemed to be a reference to the Social Security 3
Trust Fund.’’; 4
(G) in section 221(e)— 5
(i) by striking ‘‘Trust Funds’’ each 6
place it appears and inserting ‘‘Trust 7
Fund’’; and 8
(ii) by striking the last sentence; 9
(H) in section 221(f), by striking ‘‘Trust 10
Funds’’ and inserting ‘‘Trust Fund’’; 11
(I) in section 222(d)— 12
(i) in the section heading, by striking 13
‘‘T
RUSTFUNDS’’ and inserting ‘‘TRUST 14
F
UND’’; 15
(ii) in paragraph (1), by striking ‘‘to 16
the end that savings will accrue to the 17
Trust Funds as a result of rehabilitating 18
such individuals, there are authorized to be 19
transferred from the Federal Old-Age and 20
Survivors Insurance Trust Fund and the 21
Federal Disability Insurance Trust Fund’’ 22
and inserting ‘‘to the end that savings will 23
accrue to the Trust Fund as a result of re-24
habilitating such individuals, there are au-25
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thorized to be transferred from the Social 1
Security Trust Fund’’; and 2
(iii) by amending paragraph (4) to 3
read as follows: 4
‘‘(4) The Commissioner of Social Security shall deter-5
mine according to such methods and procedures as the 6
Commissioner may deem appropriate the total amount to 7
be reimbursed for the cost of services under this sub-8
section.’’; 9
(J) in section 228(g)— 10
(i) in the section heading, by striking 11
‘‘F
EDERALOLD-AGE ANDSURVIVORSIN-12
SURANCETRUSTFUND’’ and inserting 13
‘‘S
OCIALSECURITYTRUSTFUND’’; and 14
(ii) in the matter preceding paragraph 15
(1), by striking ‘‘Federal Old-Age and Sur-16
vivors Insurance Trust Fund’’ and insert-17
ing ‘‘Social Security Trust Fund’’; 18
(K) in section 231(c), by striking ‘‘Trust 19
Funds’’ each place it appears and inserting 20
‘‘Trust Fund’’; and 21
(L) in section 234(a)(1), by striking 22
‘‘Trust Funds’’ and inserting ‘‘Trust Fund’’. 23
(2) T
ITLE VII.—Title VII of the Social Security 24
Act (42 U.S.C. 901 et seq.) is amended— 25
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(A) in section 703(j), by striking ‘‘Federal 1
Disability Insurance Trust Fund, the Federal 2
Old-Age and Survivors Insurance Trust Fund,’’ 3
and inserting ‘‘Social Security Trust Fund’’; 4
(B) in section 708(c), by striking ‘‘the 5
‘OASDI trust fund ratio’ under section 201(l),’’ 6
after ‘‘computing’’; 7
(C) in section 709— 8
(i) in subsection (a), by striking ‘‘Fed-9
eral Old-Age and Survivors Insurance 10
Trust Fund and the Federal Disability In-11
surance Trust Fund’’ and inserting ‘‘Social 12
Security Trust Fund’’; and 13
(ii) in subsection (b)— 14
(I) in paragraph (1), by striking 15
‘‘section 201(l) or’’; and 16
(II) in paragraph (2), by striking 17
‘‘Federal Old-Age and Survivors In-18
surance Trust Fund and the Federal 19
Disability Insurance Trust Fund’’ and 20
inserting ‘‘Social Security Trust 21
Fund’’; and 22
(D) in section 710— 23
(i) in subsection (a), by striking ‘‘Fed-24
eral Old-Age and Survivors Insurance 25
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Trust Fund and the Federal Disability In-1
surance Trust Fund’’ and inserting ‘‘Social 2
Security Trust Fund’’; and 3
(ii) in subsection (b)— 4
(I) by striking ‘‘any Trust Fund 5
specified in subsection (a)’’ and in-6
serting ‘‘the Social Security Trust 7
Fund’’; and 8
(II) by striking ‘‘payments from 9
any such Trust Fund’’ and inserting 10
‘‘payments from the Social Security 11
Trust Fund’’. 12
(3) T
ITLE XI.—Title XI of the Social Security 13
Act (42 U.S.C. 1301 et seq.) is amended— 14
(A) in section 1106(b), by striking ‘‘the 15
Federal Old-Age and Survivors Insurance Trust 16
Fund, the Federal Disability Insurance Trust 17
Fund’’ and inserting ‘‘the Social Security Trust 18
Fund’’; 19
(B) in section 1129(e)(2)(A), by striking 20
‘‘the Federal Old-Age and Survivors Insurance 21
Trust Fund or the Federal Disability Insurance 22
Trust Fund, as determined appropriate by the 23
Secretary’’ and inserting ‘‘the Social Security 24
Trust Fund’’; 25
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(C) in sections 1131(b)(2) and 1140(c)(2), 1
by striking ‘‘the Federal Old-Age and Survivors 2
Insurance Trust Fund’’ and inserting ‘‘the So-3
cial Security Trust Fund’’; 4
(D) in section 1145(c)— 5
(i) by striking paragraphs (1) and (2) 6
and inserting the following: 7
‘‘(1) the Social Security Trust Fund;’’; and 8
(ii) by redesignating paragraphs (3) 9
and (4) as paragraphs (2) and (3), respec-10
tively; and 11
(E) in section 1148(j)(1)(A)— 12
(i) in the first sentence, by striking 13
‘‘the Federal Old-Age and Survivors Insur-14
ance Trust Fund and the Federal Dis-15
ability Insurance Trust Fund’’ and insert-16
ing ‘‘the Social Security Trust Fund’’; and 17
(ii) by striking the second sentence. 18
(4) T
ITLE XVIII.—Title XVIII of the Social Se-19
curity Act (42 U.S.C. 1395) is amended— 20
(A) in section 1817(g), by striking ‘‘Fed-21
eral Old-Age and Survivors Insurance Trust 22
Fund and from the Federal Disability Insur-23
ance Trust Fund’’ and inserting ‘‘Social Secu-24
rity Trust Fund’’; 25
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(B) in section 1840(a)(2), by striking 1
‘‘Federal Old-Age and Survivors Insurance 2
Trust Fund or the Federal Disability Insurance 3
Trust Fund’’ and inserting ‘‘Social Security 4
Trust Fund’’; and 5
(C) in section 1841(f), by striking ‘‘Fed-6
eral Old-Age and Survivors Insurance Trust 7
Fund and from the Federal Disability Insur-8
ance Trust Fund’’ and inserting ‘‘Social Secu-9
rity Trust Fund’’. 10
(f) C
ONFORMINGAMENDMENTSOUTSIDE OFSOCIAL 11
S
ECURITYACT.— 12
(1) B
UDGET.— 13
(A) O
FF-BUDGET EXEMPTION .—Section 14
405(a) of the Congressional Budget Act of 15
1974 (2 U.S.C. 655(a)) is amended by striking 16
‘‘Federal Old-Age and Survivors Insurance and 17
Federal Disability Insurance Trust Funds’’ and 18
inserting ‘‘Social Security Trust Fund’’. 19
(B) S
EQUESTRATION EXEMPTION .—Sec-20
tion 255(g)(1)(A) of the Balanced Budget and 21
Emergency Deficit Control Act of 1985 (2 22
U.S.C. 905(g)(1)(A)) is amended by striking 23
‘‘Payments to Social Security Trust Funds’’ 24
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and inserting ‘‘Payments to the Social Security 1
Trust Fund’’. 2
(2) T
AX.— 3
(A) T
AXABLE WAGES.—Section 3121(l)(4) 4
of the Internal Revenue Code of 1986 is 5
amended by striking ‘‘Federal Old-Age and 6
Survivors Insurance Trust Fund and the Fed-7
eral Disability Insurance Trust Fund’’ and in-8
serting ‘‘Social Security Trust Fund’’. 9
(B) O
VERPAYMENTS.— 10
(i) Section 6402(d)(3)(C) of the Inter-11
nal Revenue Code of 1986 is amended by 12
striking ‘‘Federal Old-Age and Survivors 13
Insurance Trust Fund or the Federal Dis-14
ability Insurance Trust Fund, whichever is 15
certified to the Secretary as appropriate by 16
the Commissioner of Social Security’’ and 17
inserting ‘‘Social Security Trust Fund’’. 18
(ii) Subsection (f)(2)(B) of section 19
3720A of title 31, United States Code, is 20
amended by striking ‘‘Federal Old-Age and 21
Survivors Insurance Trust Fund or the 22
Federal Disability Insurance Trust Fund, 23
whichever is certified to the Secretary of 24
the Treasury as appropriate by the Com-25
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missioner of Social Security’’ and inserting 1
‘‘Social Security Trust Fund’’. 2
(3) F
ALSE CLAIMS PENALTIES .—Subsection 3
(g)(2) of section 3806 of title 31, United States 4
Code, is amended— 5
(A) in subparagraph (B)— 6
(i) by striking ‘‘Secretary of Health 7
and Human Services’’ and inserting ‘‘Com-8
missioner of Social Security’’; and 9
(ii) by striking ‘‘Federal Old-Age and 10
Survivors Insurance Trust Fund’’ and in-11
serting ‘‘Social Security Trust Fund’’; and 12
(B) in subparagraph (C)— 13
(i) by striking ‘‘Secretary of Health 14
and Human Services’’ and inserting ‘‘Com-15
missioner of Social Security’’; and 16
(ii) by striking ‘‘Federal Disability In-17
surance Trust Fund’’ and inserting ‘‘Social 18
Security Trust Fund’’. 19
(4) R
AILROAD RETIREMENT BOARD .—Section 7 20
of the Railroad Retirement Act of 1974 (45 U.S.C. 21
231f) is amended— 22
(A) in subsection (b)(2), by striking ‘‘Fed-23
eral Old-Age and Survivors Insurance Trust 24
Fund and the Federal Disability Insurance 25
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Trust Fund’’ and inserting ‘‘Social Security 1
Trust Fund’’; 2
(B) in subsection (c)(2)— 3
(i) by striking ‘‘Secretary of Health, 4
Education, and Welfare’’ each time it ap-5
pears and inserting ‘‘Commissioner of So-6
cial Security’’; and 7
(ii) by striking ‘‘Federal Old-Age and 8
Survivors Insurance Trust Fund, the Fed-9
eral Disability Insurance Trust Fund,’’ 10
each time it appears and inserting ‘‘Social 11
Security Trust Fund’’; and 12
(C) in subsection (c)(4), by striking ‘‘Fed-13
eral Old-Age and Survivors Insurance Trust 14
Fund, the Federal Disability Insurance Trust 15
Fund,’’ and inserting ‘‘Social Security Trust 16
Fund’’. 17
(g) R
ULE OFCONSTRUCTION.—Effective beginning 18
on January 1 of the first calendar year beginning after 19
the date of the enactment of this section, any reference 20
in law to the ‘‘Federal Old-Age and Survivors Insurance 21
Trust Fund’’ or the ‘‘Federal Disability Insurance Trust 22
Fund’’ is deemed to be a reference to the Social Security 23
Trust Fund. 24
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(h) EFFECTIVEDATE.—The amendments made by 1
this section shall take effect on January 1 of the first cal-2
endar year beginning after the date of the enactment of 3
this section. 4
Æ
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