Social Security Trust Funds Protection Act

Social Security Trust Funds Protection Act - Makes those amounts, equal to taxes on employees and on self-employment income as well as taxes attributable to Social Security and tier 1 railroad retirement benefits, which are made available to the Federal Old-Age and Survivors Insurance Trust Fund and the Federal Disability Insurance Trust Fund, available solely for the purposes of the Old-Age, Survivors, and Disability Insurance (OASDI) program under title II of the Social Security Act. Declares that such amounts shall not be available for the establishment or funding of private accounts.

[Congressional Bills 109th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1330 Introduced in House (IH)]






109th CONGRESS
  1st Session
                                H. R. 1330

   To provide that Social Security contributions are used to protect 
Social Security solvency by mandating that Trust Fund monies cannot be 
                  diverted to create private accounts.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             March 16, 2005

 Mr. Salazar introduced the following bill; which was referred to the 
                      Committee on Ways and Means

_______________________________________________________________________

                                 A BILL


 
   To provide that Social Security contributions are used to protect 
Social Security solvency by mandating that Trust Fund monies cannot be 
                  diverted to create private accounts.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Social Security Trust Funds 
Protection Act''.

SEC. 2. PROTECTION OF SOCIAL SECURITY SOLVENCY.

    Those amounts, equal to taxes imposed under sections 1401 and 3101 
of the Internal Revenue Code of 1986 and taxes imposed under chapter 1 
of such Code to the extent attributable to section 86 of such Code, 
which are made available to the Federal Old-Age and Survivors Insurance 
Trust Fund and the Federal Disability Insurance Trust Fund under the 
applicable provisions of law as in effect on the date of the enactment 
of this Act, shall be available solely for the purposes of the old-age, 
survivors, and disability insurance program under title II of the 
Social Security Act, as in effect on such date, and shall not be 
available for the establishment or funding of private accounts.
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