To amend title II of the Social Security Act to provide for increases in the exempt amount for purposes of the retirement test and to require annual reports by the Secretary of the Treasury regarding the net increases in revenue resulting from such increases in the exempt amount.

Amends title II (Old Age, Survivors and Disability Insurance) of the Social Security Act to: (1) provide for increases in the exempt amount for purposes of the retirement test; and (2) require the Secretary of the Treasury to submit annual reports to the Congress and the Secretary of Health and Human Services on the net increase in tax liabilities resulting from such increases.

 
HR 6146 IH
102d CONGRESS
2d Session
 H. R. 6146
To amend title II of the Social Security Act to provide for increases in
the exempt amount for purposes of the retirement test and to require annual
reports by the Secretary of the Treasury regarding the net increases in
revenue resulting from such increases in the exempt amount.
IN THE HOUSE OF REPRESENTATIVES
October 5, 1992
Mr. HASTERT (for himself, Mr. HEFLEY, Mr. GOSS, Mr. COX of California, and
Mr. SMITH of Oregon) introduced the following bill; which was referred to
the Committee on Ways and Means
A BILL
To amend title II of the Social Security Act to provide for increases in
the exempt amount for purposes of the retirement test and to require annual
reports by the Secretary of the Treasury regarding the net increases in
revenue resulting from such increases in the exempt amount.
  Be it enacted by the Senate and House of Representatives of the United
  States of America in Congress assembled,
SECTION 1. ADJUSTMENTS IN EXEMPT AMOUNT FOR PURPOSES OF THE RETIREMENT TEST.
  (a) INCREASE IN EXEMPT AMOUNT FOR INDIVIDUALS WHO HAVE ATTAINED RETIREMENT
  AGE- Section 203(f)(8)(D) of the Social Security Act (42 U.S.C. 403(f)(8)(D))
  is amended to read as follows:
  `(D)(i) Notwithstanding any other provision of this subsection, the exempt
  amount which is applicable to an individual who has attained retirement
  age (as defined in section 216(l)) before the close of the taxable year
  involved--
  `(I) shall be $1,000.00 for each month of any taxable year ending after
  1992 and before 1994,
  `(II) shall be $1,166.66 2/3  for each month of any taxable year ending
  after 1993 and before 1995,
  `(III) shall be $1,333.33 1/3  for each month of any taxable year ending
  after 1994 and before 1996,
  `(IV) shall be $1,500.00 for each month of any taxable year ending after
  1995 and before 1997, and
  `(V) shall be $1,666.66 2/3  for each month of any taxable year ending
  after 1996 and before 1998.
  `(ii) For purposes of subparagraph (B)(ii)(II), the increase in the exempt
  amount provided under clause (i)(V) shall be deemed to have resulted from
  a determination which shall be deemed to have been made under subparagraph
  (A) in 1996.'.
  (b) CONFORMING AMENDMENT- Section 223(d)(4) of such Act (42 U.S.C. 423(d)(4))
  is amended by striking `the exempt amount under section 203(f)(8) which
  is applicable to individuals described in subparagraph (D) thereof' and
  inserting the following: `an amount equal to the exempt amount which would
  have been applicable under section 203(f)(8), to individuals described
  in subparagraph (D) thereof, if section 841 of the Older Americans Act
  Amendments of 1992 had not been enacted'.
  (c) EFFECTIVE DATE- The amendments made by this section shall apply with
  respect to taxable years ending after 1992.
  (d) CREDITING TO FEDERAL OLD-AGE AND SURVIVORS INSURANCE TRUST FUND-
  (1) IN GENERAL- There are hereby appropriated to the Federal Old-Age and
  Survivors Insurance Trust Fund amounts equivalent to the net increase
  in tax liabilities under chapter 1 of the Internal Revenue Code of 1986
  attributable to remuneration for employment (as defined in section 3121(b)
  of such Code) and net earnings from self-employment (as defined in section
  1402(a) of such Code) which results from the amendments made by this section.
  (2) TRANSFERS- The amounts appropriated by paragraph (1) shall be
  transferred from time to time (but not less frequently than quarterly)
  from the general fund of the Treasury on the basis of estimates made
  by the Secretary of the Treasury of the amounts referred to in such
  paragraph. Proper adjustments shall be made in the amounts subsequently
  transferred to the extent prior estimates were in excess of or less than
  the amounts required to be transferred.
SEC. 2. REPORTS BY THE SECRETARY OF THE TREASURY.
  The Secretary of the Treasury shall submit annual reports to the Congress
  and to the Secretary of Health and Human Services on--
  (1) the net increase in tax liabilities under chapters 1, 2, and 21 of the
  Internal Revenue Code of 1986, for the year resulting from the amendments
  made by this Act,
  (2) the transfers made under section 1(d) during the year,
  (3) the methodology used in determining the amount of such increases in
  tax liabilities and such transfers, and
  (4) the anticipated operation of section 1(d) during the next 5 years.