Social Security Preservation through Individual Choice Enhancement Act - Amends the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 to allow individual taxpayers an election to claim the 2% reduction in employment taxes under such Act in any calendar year beginning in or after 2012.
Amends title II (Old Age, Survivors and Disability Insurance) of the Social Security Act to increase the applicable social security retirement age by one month for each calendar year that a taxpayer elects a reduction in employment taxes under this Act.
[Congressional Bills 112th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3551 Introduced in House (IH)]
112th CONGRESS
1st Session
H. R. 3551
To amend the extension of the temporary employee payroll tax holiday to
give individuals the choice of whether to participate.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
December 2, 2011
Mr. Landry (for himself, Mr. McClintock, and Mr. Mulvaney) introduced
the following bill; which was referred to the Committee on Ways and
Means
_______________________________________________________________________
A BILL
To amend the extension of the temporary employee payroll tax holiday to
give individuals the choice of whether to participate.
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 Preservation through
Individual Choice Enhancement Act''.
SEC. 2. ELECTION TO TAKE EMPLOYEE PAYROLL TAX CUT.
(a) In General.--Section 601 of the Tax Relief, Unemployment
Insurance Reauthorization, and Job Creation Act of 2010 is amended by
redesignating subsections (b) through (e) as subsections (c) through
(f), respectively, and by inserting after subsection (a) the following
new subsection:
``(b) Election To Take Employee Payroll Tax Cut.--
``(1) In general.--Subsection (a) shall apply with respect
to remuneration received by any individual for services
rendered in a calendar year (or taxable year beginning in the
calendar year) in the payroll tax holiday period only if a tax
holiday election under paragraph (2) is in effect with respect
to such calendar year.
``(2) Tax holiday election.--For purposes of this
subsection--
``(A) In general.--The term `tax holiday election'
means, with respect to the individual, an election to
have subsection (a) apply to a calendar year (or
taxable year beginning in such calendar year) in the
payroll tax holiday period beginning in or after 2012.
Any such election shall remain in effect until such
election is revoked.
``(B) When made.--An election with respect to a
calendar year (and a taxable year beginning in the
taxable year) may be made before July 1 of the calendar
year for which such remuneration is received.
``(C) Revocation of election.--Subject to such
conditions as the Secretary deems necessary, an
individual may revoke an election to have subsection
(a) apply with respect to a calendar year (and taxable
year beginning in the calendar year) if such revocation
is made before July 1 of the calendar year.
``(D) Time and manner of election and revocation.--
Any election and revocation under this subsection shall
be made at such time and in such manner as the
Secretary may prescribe.
``(3) Special rules.--
``(A) 1st employment or self-employment after
beginning of year.--In the case of an individual whose
employment or self-employment first commences after the
beginning of the calendar year or taxable year (as the
case may be), the election under paragraph (2)(A) shall
be made before or with the beginning of such
employment.
``(B) Multiple employers.--In the case that an
individual is employed by more than 1 employer
(including self-employment) for a period, an election
or revocation made under this subsection made with
respect to remuneration from 1 employer shall apply to
all employers. For purposes of the preceding sentence,
the most recent valid election or revocation for a
period shall be the only election or revocation (as the
case may be) in effect for that period.
``(4) Overpayment and underpayment of tax.--
``(A) Credit for overpayment.--See sections 6402
and 6413 of such Code for provisions relating to
overpayments of employment taxes.
``(B) Underpayment of taxes.--If, by reason of an
election or revocation under this subsection for a
calendar year or taxable year, an individual has a
liability for tax under section 1401(a), 3101(a),
3201(a), or 3211(a)(1) of such Code for the taxable
year beginning with or in the calendar year, for
purposes of subtitle F of such Code, such liability,
together with interest on such liability at the
underpayment rate established under section 6621, shall
be assessed and collected in the manner prescribed by
the Secretary.
``(5) Regulations.--The Secretary, in consultation with the
Commissioner of Social Security, shall prescribe such
regulations or other guidance as may be necessary to carry out
this subsection. Such regulations or other guidance shall
include procedures providing for the exchange of information
between the Secretary and the Commissioner of Social Security
for purposes of this subsection.''.
(b) Extension of Retirement Age in Connection With Election To Take
Payroll Tax Cut.--Section 216(l) of the Social Security Act (42 U.S.C
416(l)) is amended by adding at the end the following new paragraph:
``(4)(A) For each calendar year beginning with or after 2012 for
which section 601(a) of the Tax Relief, Unemployment Insurance
Reauthorization, and Job Creation Act of 2010 applies with respect to
the wages received by an individual for services rendered in such year,
the retirement age (as defined in paragraph (1)) of such individual
shall be increased by 1 month.
``(B) In the case of any taxable year for which such section 601(a)
applies (with respect to remuneration received by an individual as
self-employment income for services rendered in such taxable year), any
calendar year in which such taxable year commences shall be treated as
a calendar year for which such section 601(a) applies as described in
subparagraph (A).''.
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Introduced in House
Introduced in House
Referred to the House Committee on Ways and Means.
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