II 

117TH CONGRESS 

2D SESSION S. 4365 

To enhance Social Security benefits and ensure the long-term solvency of 

the Social Security program. 

IN THE SENATE OF THE UNITED STATES 

JUNE 9, 2022 

Mr. SANDERS (for himself, Ms. WARREN, Mr. WHITEHOUSE, Mr. MERKLEY, 

Mr. VAN HOLLEN, Mr. PADILLA, Mrs. GILLIBRAND, and Mr. BOOKER) 

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 longterm solvency of the Social Security program. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE; TABLE OF CONTENTS. 

4 (a) SHORT TITLE.—This Act may be cited as the 

5 ‘‘Social Security Expansion Act’’. 

6 (b) TABLE OF CONTENTS.—The table of contents of 

7 this Act is as follows: 

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 benefit base and more than $250,000. 

Sec. 8. Tax on investment gain. 

Sec. 9. Social Security Trust Fund established. 

1 SEC. 2. ACROSS-THE-BOARD BENEFIT INCREASE. 

2 (a) INCREASE OF FIRST BEND POINT PERCENT3 AGE.—Section 215(a)(1)(A)(i) of the Social Security Act 

4 (42 U.S.C. 415(a)(1)(A)(i)) is amended by striking ‘‘90 

5 percent’’ and inserting ‘‘95 percent’’. 

6 (b) ADJUSTMENT TO BEND POINT AMOUNT.— 

7 (1) IN GENERAL.—Section 215(a)(1)(B) of the 

8 Social Security Act (42 U.S.C. 415(a)(1)(B)) is 

9 amended— 

10 (A) by redesignating clause (iii) as clause 

11 (iv); and 

12 (B) by inserting after clause (ii) the fol13 lowing new clause: 

14 ‘‘(iii) For an individual who is eligible for an 

15 old-age or disability insurance benefit (or who dies 

16 before becoming eligible for such a benefit) in any 

17 calendar year after 2022, the amount determined for 

18 the individual under clause (ii) of this subparagraph 

19 for purposes of subparagraph (A)(i)(I) shall be in20 creased by 22 percent.’’. 

21 (2) CONFORMING AMENDMENT.—Clause (iv) of 

22 section 215(a)(1)(B) of the Social Security Act (42 


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1 U.S.C. 415(a)(1)(B)), as redesignated by subsection 

2 (b), is amended by inserting ‘‘(after the application 

3 of clause (iii), when applicable)’’ after ‘‘clause (ii)’’. 

4 (c) EFFECTIVE DATE.— 

5 (1) IN GENERAL.—The amendments made by 

6 this section shall take effect on January 1, 2023, 

7 and shall apply with respect to monthly insurance 

8 benefits payable under title II of the Social Security 

9 Act (42 U.S.C. 401 et seq.) for months in calendar 

10 years beginning on or after such date. 

11 (2) RECOMPUTATION OF PRIMARY INSURANCE

12 AMOUNTS.— 

13 (A) IN GENERAL.—Notwithstanding sec14 tion 215(f) of the Social Security Act (42 

15 U.S.C. 415(f)), the Commissioner of Social Se16 curity shall recompute primary insurance 

17 amounts to the extent necessary to carry out 

18 the amendments to this section. 

19 (B) RULE OF APPLICATION.—In recom20 puting the primary insurance amount of an in21 dividual who initially became eligible for old-age 

22 or disability insurance benefits before January 

23 1, 2023, the Commissioner of Social Security 

24 shall apply the increase described in clause (iii) 

25 of section 215(a)(1)(B) of the Social Security 


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1 Act (as added by subsection (b)(1)(B)) to the 

2 amount determined under clause (ii) of such 

3 section 215(a)(1)(B) for the calendar year in 

4 which the individual initially became eligible for 

5 such benefits. 

6 SEC. 3. COMPUTATION OF COST-OF-LIVING INCREASES. 

7 (a) IN GENERAL.—Section 215(i)(1) of the Social Se8 curity Act (42 U.S.C. 415(i)(1)) is amended by adding 

9 at the end the following new subparagraph: 

10 ‘‘(H) the term ‘Consumer Price Index’ means 

11 the Consumer Price Index for Elderly Consumers 

12 (CPI–E, as published by the Bureau of Labor Sta13 tistics of the Department of Labor).’’. 

14 (b) APPLICATION TO PRE-1979 LAW.— 

15 (1) IN GENERAL.—Section 215(i)(1) of the So16 cial Security Act as in effect in December 1978, and 

17 as applied in certain cases under the provisions of 

18 such Act as in effect after December 1978, is 

19 amended by adding at the end the following new 

20 subparagraph: 

21 ‘‘(D) the term ‘Consumer Price Index’ means 

22 the Consumer Price Index for Elderly Consumers 

23 (CPI–E, as published by the Bureau of Labor Sta24 tistics of the Department of Labor).’’. 


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1 (2) CONFORMING CHANGE.—Section 215(i)(4) 

2 of the Social Security Act (42 U.S.C. 415(i)(4)) is 

3 amended— 

4 (A) by striking ‘‘and by section 9001’’ and 

5 inserting ‘‘, section 9001’’; and 

6 (B) by inserting ‘‘and section 3 of the So7 cial Security Expansion Act,’’ after ‘‘1986,’’. 

8 (c) NO EFFECT ON ADJUSTMENTS UNDER OTHER

9 LAWS.—Section 215(i) of the Social Security Act (42 

10 U.S.C. 415(i)) is amended by adding at the end the fol11 lowing: 

12 ‘‘(6) Any provision of law (other than in this title, 

13 title VIII, or title XVI) which provides for adjustment of 

14 an amount based on a change in benefit amounts resulting 

15 from a determination made under this subsection shall be 

16 applied and administered without regard to the amend17 ments made by section 3 of the Social Security Expansion 

18 Act, and, for purposes of making such an adjustment 

19 under such a provision, this subsection as in effect on the 

20 day before the date of enactment of such Act shall con21 tinue to apply.’’. 

22 (d) PUBLICATION OF CONSUMER PRICE INDEX FOR

23 ELDERLY CONSUMERS.—The Bureau of Labor Statistics 

24 of the Department of Labor shall prepare and publish the 

25 index authorized by section 191 of the Older Americans 


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1 Amendments Act of 1987 (29 U.S.C. 2 note) for each cal2 endar month, beginning with July of the calendar year fol3 lowing the calendar year in which this Act is enacted, and 

4 such index shall be known as the ‘‘Consumer Price Index 

5 for Elderly Consumers’’. 

6 (e) EFFECTIVE DATE.—The amendments made by 

7 subsection (a) shall apply to determinations made with re8 spect to cost-of-living computation quarters (as defined in 

9 section 215(i)(1)(B) of the Social Security Act (42 U.S.C. 

10 415(i)(1)(B))) ending on or after September 30 of the sec11 ond calendar year following the calendar year in which this 

12 Act is enacted. 

13 SEC. 4. INCREASE IN MINIMUM BENEFIT FOR LIFETIME 

14 LOW EARNERS BASED ON YEARS IN THE 

15 WORKFORCE. 

16 (a) IN GENERAL.—Section 215(a)(1) of the Social 

17 Security Act (42 U.S.C. 415(a)(1)) is amended— 

18 (1) by redesignating subparagraph (D) as sub19 paragraph (E); and 

20 (2) by inserting after subparagraph (C) the fol21 lowing new subparagraph: 

22 ‘‘(D)(i) Effective with respect to the benefits of indi23 viduals who become eligible for old-age insurance benefits 

24 or disability insurance benefits (or die before becoming so 

25 eligible) after 2022, no primary insurance amount comVerDate Sep 11 2014 23:30 Jun 12, 2022 Jkt 029200 PO 00000 Frm 00006 Fmt 6652 Sfmt 6201 E:\BILLS\S4365.IS S4365

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1 puted under subparagraph (A) may be less than the great2 er of— 

3 ‘‘(I) the minimum monthly amount computed 

4 under subparagraph (C); or 

5 ‘‘(II) in the case of an individual who has more 

6 than 10 years of work (as defined in clause (iv)(I)), 

7 the alternative minimum amount determined under 

8 clause (ii). 

9 ‘‘(ii)(I) The alternative minimum amount determined 

under this clause is the applicable percentage of 1 10 ⁄12 of 

11 the annual dollar amount determined under clause (iii) for 

12 the year in which the amount is determined. 

13 ‘‘(II) For purposes of subclause (I), the applicable 

14 percentage is the percentage specified in connection with 

15 the number of years of work, as set forth in the following 

16 table: 

‘‘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. 

1 ‘‘(iii) The annual dollar amount determined under 

2 this clause is— 

3 ‘‘(I) for calendar year 2023, the poverty guide4 line for 2022; and 

5 ‘‘(II) for any calendar year after 2023, the an6 nual dollar amount for 2022 multiplied by the ratio 

7 of— 

8 ‘‘(aa) the national average wage index (as 

9 defined in section 209(k)(1)) for the second cal10 endar year preceding the calendar year for 

11 which the determination is made, to 

12 ‘‘(bb) the national average wage index (as 

13 so defined) for 2021. 

14 ‘‘(iv) For purposes of this subparagraph— 

15 ‘‘(I) the term ‘year of work’ means, with re16 spect to an individual, a year to which 4 quarters of 

17 coverage have been credited based on such individ18 ual’s wages and self-employment income; and 

19 ‘‘(II) the term ‘poverty guideline for 2022’ 

20 means the annual poverty guideline for 2022 (as up21 dated annually in the Federal Register by the De22 partment of Health and Human Services under the 

23 authority of section 673(2) of the Omnibus Budget 


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1 Reconciliation Act of 1981) as applicable to a single 

2 individual.’’. 

3 (b) RECOMPUTATION.—Notwithstanding section 

4 215(f)(1) of the Social Security Act, the Commissioner of 

5 Social Security shall recompute primary insurance 

6 amounts originally computed for months prior to Novem7 ber 2018 to the extent necessary to carry out the amend8 ments made by this section. 

9 (c) CONFORMING AMENDMENT.—Section 209(k)(1) 

10 of such Act (42 U.S.C. 409(k)(1)) is amended by inserting 

11 ‘‘215(a)(1)(E),’’ after ‘‘215(a)(1)(D),’’. 

12 SEC. 5. EXTENDED BENEFIT ELIGIBILITY FOR CHILDREN 

13 WHO ARE FULL-TIME STUDENTS. 

14 (a) IN GENERAL.— 

15 (1) IN GENERAL.—Section 202(d) of the Social 

16 Security Act (42 U.S.C. 402(d)) is amended— 

17 (A) in paragraph (1)— 

18 (i) in subparagraph (B)— 

19 (I) by striking ‘‘or (ii)’’ and in20 serting ‘‘(ii)’’; and 

21 (II) by inserting ‘‘or (iii) was the 

22 child of an individual entitled to dis23 ability insurance benefits or of an in24 dividual who dies a fully or currently 

25 insured individual and was a full-time 


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1 student at an educational institution 

2 and had not attained the age of 22,’’ 

3 after ‘‘22,’’; 

4 (ii) in subparagraph (E)— 

5 (I) by striking ‘‘and (ii)’’ and in6 serting ‘‘(ii)’’; and 

7 (II) by inserting ‘‘and (iii) is not 

8 a full-time student at an educational 

9 institution during any part of such 

10 month (in the case of a child who is 

11 the child of an individual entitled to 

12 disability insurance benefits or of an 

13 individual who dies a fully or cur14 rently insured individual)’’ before the 

15 comma at the end; 

16 (iii) in subparagraph (F), by striking 

17 clauses (i) and (ii) and inserting the fol18 lowing: 

19 ‘‘(i) in the case of a child who is the child 

20 of an individual entitled to old-age insurance 

21 benefits— 

22 ‘‘(I) the first month during no part of 

23 which the child is a full-time elementary or 

24 secondary school student, or 


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1 ‘‘(II) the month in which the child at2 tains the age of 19, and 

3 ‘‘(ii) in the case of a child who is the child 

4 of an individual entitled to disability insurance 

5 benefits or of an individual who dies a fully or 

6 currently insured individual— 

7 ‘‘(I) the first month during no part of 

8 which the child is a full-time student at an 

9 educational institution, or 

10 ‘‘(II) the month in which the child at11 tains the age of 22,’’; and 

12 (iv) in subparagraph (G), by striking 

13 clauses (ii) and (iii) and inserting the fol14 lowing: 

15 ‘‘(ii) in the case of a child who is the child 

16 of an individual entitled to old-age insurance 

17 benefits— 

18 ‘‘(I) the first month during no part of 

19 which the child is a full-time elementary or 

20 secondary school student, or 

21 ‘‘(II) the month in which the child at22 tains the age of 19, and 

23 ‘‘(iii) in the case of a child who is the child 

24 of an individual entitled to disability insurance 


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1 benefits or of an individual who dies a fully or 

2 currently insured individual— 

3 ‘‘(I) the first month during no part of 

4 which the child is a full-time student at an 

5 educational institution, or 

6 ‘‘(II) the month in which the child at7 tains the age of 22,’’; 

8 (B) in paragraph (6)— 

9 (i) in subparagraph (A)— 

10 (I) by striking ‘‘or (ii)’’ and in11 serting ‘‘(ii)’’; and 

12 (II) by inserting ‘‘or (iii) is the 

13 child of an individual entitled to dis14 ability insurance benefits or of an in15 dividual who dies a fully or currently 

16 insured individual and is a full-time 

17 student at an educational institution 

18 and has not attained the age of 22,’’ 

19 after ‘‘22,’’; and 

20 (ii) by striking subparagraphs (D) 

21 and (E) and inserting the following: 

22 ‘‘(D) the earlier of— 

23 ‘‘(i) in the case of a child who is the child 

24 of an individual entitled to old-age insurance 

25 benefits— 


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1 ‘‘(I) the first month during no part of 

2 which the child is a full-time elementary or 

3 secondary school student; or 

4 ‘‘(II) the month in which the child at5 tains the age of 19; and 

6 ‘‘(ii) in the case of a child who is the child 

7 of an individual entitled to disability insurance 

8 benefits or of an individual who dies a fully or 

9 currently insured individual— 

10 ‘‘(I) the first month during no part of 

11 which the child is a full-time student at an 

12 educational institution; or 

13 ‘‘(II) the month in which the child at14 tains the age of 22; 

15 but only if the child is not under a disability (as 

16 so defined) in such earlier month; or 

17 ‘‘(E) if the child was under a disability (as so 

18 defined), the termination month (as defined in para19 graph (1)(G)(i)), subject to section 223(e), or (if 

20 later) the earlier of— 

21 ‘‘(i) in the case of a child who is the child 

22 of an individual entitled to old-age insurance 

23 benefits— 


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1 ‘‘(I) the first month during no part of 

2 which the child is a full-time elementary or 

3 secondary school student; or 

4 ‘‘(II) the month in which the child at5 tains the age of 19; and 

6 ‘‘(ii) in the case of a child who is the child 

7 of an individual entitled to disability insurance 

8 benefits or of an individual who dies a fully or 

9 currently insured individual— 

10 ‘‘(I) the first month during no part of 

11 which the child is a full-time student at an 

12 educational institution; or 

13 ‘‘(II) the month in which the child at14 tains the age of 22.’’; and 

15 (C) in paragraph (7), by adding at the end 

16 the following new paragraphs: 

17 ‘‘(E) The term ‘full-time student at an edu18 cational institution’ means an individual who is in 

19 full-time attendance as a student at an elementary 

20 school (but only in the case of an individual who has 

21 not attained the age of 19) or a secondary school or 

22 an institution described in section 102 of the Higher 

23 Education Act of 1965 (20 U.S.C. 1002), as deter24 mined by the Commissioner of Social Security (in 

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1 missioner) in the light of the standards and prac2 tices of the schools and institutions involved, except 

3 that no individual shall be considered a ‘full-time 

4 student at an educational institution’ if the indi5 vidual is paid by his employer while attending a 

6 school or institution at the request, or pursuant to 

7 a requirement, of his employer. An individual shall 

8 not be considered a ‘full-time student at an edu9 cational institution’ for the purpose of this section 

10 while that individual is confined in a jail, prison, or 

11 other penal institution or correctional facility, pursu12 ant to the individual’s conviction of an offense (com13 mitted after the effective date of this sentence) 

14 which constituted a felony under applicable law. An 

15 individual who is determined to be a full-time stu16 dent at an educational institution shall be deemed to 

17 be such a student throughout the month with re18 spect to which such determination is made. 

19 ‘‘(F) Except to the extent provided in such reg20 ulations, an individual shall be deemed to be a full21 time student at a school or educational institution 

22 during any period of nonattendance at a school or 

23 institution at which he has been in full-time attend24 ance if (i) such period is 4 calendar months or less, 

25 and (ii) the individual shows to the satisfaction of 


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1 the Commissioner of Social Security that the indi2 vidual intends to continue to be in full-time attend3 ance at a secondary school or institution described 

4 in section 102 of the Higher Education Act of 1965 

5 (20 U.S.C. 1002) immediately following such period. 

6 An individual who does not meet the requirement of 

7 clause (ii) with respect to such period of nonattend8 ance shall be deemed to have met such requirement 

9 (as of the beginning of such period) if he is in full10 time attendance at such a school or institution im11 mediately following such period. 

12 ‘‘(G) A child who attains age 22 at a time when 

13 the child is a full-time student of an educational in14 stitution (as defined in subparagraph (E) and with15 out application of subparagraph (F)) but has not (at 

16 such time) completed the requirements for, or re17 ceived, a diploma or equivalent certificate from a 

18 secondary school (as defined in subparagraph (C)(i)) 

19 or, if such child is a student at an educational insti20 tution described in section 102 of the Higher Edu21 cation Act of 1965, a diploma, degree, or equivalent 

22 degree from such an institution, shall be deemed (for 

23 purposes of determining whether the child’s entitle24 ment to benefits under this subsection has termi25 nated under paragraph (1)(F) and for purposes of 


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1 determining his initial entitlement to such benefits 

2 under clause (iii) of paragraph (1)(B)) not to have 

3 attained such age until the first day of the first 

4 month following the end of the quarter or semester 

5 in which he is enrolled at such time (or, if the sec6 ondary school or educational institution in which he 

7 is enrolled is not operated on a quarter or semester 

8 system, until the first day of the first month fol9 lowing the completion of the course in which the 

10 child is so enrolled or until the first day of the third 

11 month beginning after such time, whichever first oc12 curs).’’. 

13 (2) EFFECTIVE DATE.—The amendments made 

14 by this subsection shall apply to child’s insurance 

15 benefits that are payable for months beginning on or 

16 after January 1, 2023. 

17 (b) RAILROAD RETIREMENT ACT.— 

18 (1) Section 2(d) of the Railroad Retirement Act 

19 of 1974 (45 U.S.C. 232(2)(d)) is amended— 

20 (A) in clause (iii) of paragraph (1), by 

21 striking ‘‘will be less than nineteen years of age 

22 and a full-time elementary or secondary school 

23 student’’ and inserting ‘‘will be less than 22 

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1 cational institution (as defined in section 

2 202(d)(7)(E) of the Social Security Act)’’; and 

3 (B) in paragraph (4)— 

4 (i) by striking ‘‘(defining the terms 

5 ‘full-time elementary or secondary school 

6 student’ and ‘elementary or secondary 

7 school’)’’; 

8 (ii) by striking ‘‘nineteen’’ and insert9 ing ‘‘22’’; 

10 (iii) by striking ‘‘full-time elementary 

11 or secondary school student’’ and inserting 

12 ‘‘full-time student at an educational insti13 tution’’; 

14 (iv) by striking ‘‘subparagraph (A) of 

15 paragraph (7) of section 202(d) of the So16 cial Security Act and without the applica17 tion of subparagraph (B)’’ and inserting 

18 ‘‘subparagraph (E) of section 202(d)(7) of 

19 the Social Security Act, without regard to 

20 subparagraph (F) of such section’’; 

21 (v) by striking ‘‘a diploma or equiva22 lent certificate from a secondary school (as 

23 defined in section 202(d)(7)(c)(i) of the 

24 Social Security Act)’’ and inserting ‘‘a di25 ploma, degree, or equivalent certificate 


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1 from a secondary school or educational in2 stitution described in section 202(d)(7)(E) 

3 of the Social Security Act’’; and 

4 (vi) by striking ‘‘elementary or sec5 ondary school in which he is enrolled’’ and 

6 inserting ‘‘school or institution in which 

7 the child is enrolled’’. 

8 (2) Section 5(c)(7) of the Railroad Retirement 

9 Act of 1974 (45 U.S.C. 235(c)(7)) is amended— 

10 (A) by striking ‘‘full-time elementary or 

11 secondary school student’’ and inserting ‘‘full12 time student at an educational institution’’; and 

13 (B) by striking ‘‘19’’ and inserting ‘‘22’’. 

14 (3) The amendments made by this subsection 

15 shall apply to benefits under the Railroad Retire16 ment Act of 1974 that are payable for months be17 ginning on or after January 1, 2023. 

18 SEC. 6. PAYROLL TAX ON REMUNERATION UP TO CON19 TRIBUTION AND BENEFIT BASE AND MORE 

20 THAN $250,000. 

21 (a) IN GENERAL.—Paragraph (1) of section 3121(a) 

22 of the Internal Revenue Code of 1986 is amended by in23 serting after ‘‘such calendar year.’’ the following: ‘‘The 

24 preceding sentence shall apply only to calendar years for 

25 which the contribution and benefit base (as so determined) 


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1 is less than $250,000, and, for such calendar years, only 

2 to so much of the remuneration paid to such employee 

3 by such employer with respect to employment as does not 

4 exceed $250,000.’’. 

5 (b) CONFORMING AMENDMENT.—Paragraph (1) of 

6 section 3121(a) of the Internal Revenue Code of 1986 is 

7 amended by striking ‘‘Act) to’’ and inserting ‘‘Act), or in 

8 excess of $250,000, to’’. 

9 (c) EFFECTIVE DATE.—The amendments made by 

10 this section shall apply to remuneration paid on or after 

11 January 1 of the first calendar year that begins after the 

12 date of enactment of this Act. 

13 SEC. 7. TAX ON NET EARNINGS FROM SELF-EMPLOYMENT 

14 UP TO CONTRIBUTION AND BENEFIT BASE 

15 AND MORE THAN $250,000. 

16 (a) IN GENERAL.—Paragraph (1) of section 1402(b) 

17 of the Internal Revenue Code of 1986 is amended to read 

18 as follows: 

19 ‘‘(1) in the case of the tax imposed by section 

20 1401(a), the excess of— 

21 ‘‘(A) that part of the net earnings from 

22 self-employment which is in excess of— 

23 ‘‘(i) an amount equal to the contribu24 tion and benefit base (as determined under 

25 section 230 of the Social Security Act) 


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1 which is effective for the calendar year in 

2 which such taxable year begins, minus 

3 ‘‘(ii) the amount of the wages paid to 

4 such individual during such taxable years, 

5 over 

6 ‘‘(B) the sum of— 

7 ‘‘(i) the excess of— 

8 ‘‘(I) the net earning from self9 employment reduced by the excess (if 

10 any) of subparagraph (A)(i) over sub11 paragraph (A)(ii), over 

12 ‘‘(II) $250,000, reduced by such 

13 contribution and benefit base, plus 

14 ‘‘(ii) the amount of the wages paid to 

15 such individual during such taxable year in 

16 excess of such contribution and benefit 

17 base and not in excess of $250,000; or’’. 

18 (b) PHASEOUT.—Subsection (b) of section 1402 of 

19 the Internal Revenue Code of 1986 is amended by adding 

20 at the end the following: ‘‘Paragraph (1) shall apply only 

21 to taxable years beginning in calendar years for which the 

22 contribution and benefit base (as determined under section 

23 230 of the Social Security Act) is less than $250,000.’’. 

24 (c) EFFECTIVE DATE.—The amendments made by 

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1 ment derived, and remuneration paid, on or after January 

2 1 of the first calendar year that begins after the date of 

3 enactment of this Act. 

4 SEC. 8. TAX ON INVESTMENT GAIN. 

5 (a) INCREASE IN TAX.— 

6 (1) IN GENERAL.—Subsection (a) of section 

7 1411 of the Internal Revenue Code of 1986 is 

8 amended by striking ‘‘3.8 percent’’ each place it ap9 pears and inserting ‘‘16.2 percent’’. 

10 (2) CONFORMING AMENDMENT.—The heading 

11 for chapter 2A of the Internal Revenue Code of 

12 1986 is amended by striking ‘‘UNEARNED IN13 COME MEDICARE CONTRIBUTION’’ and 

14 inserting ‘‘ADDITIONAL TAX ON UN15 EARNED INCOME IN LIEU OF SOCIAL 

16 SECURITY AND MEDICARE TAXES’’. 

17 (b) INCLUSION OF ACTIVE TRADE OR BUSINESS IN18 COME.— 

19 (1) IN GENERAL.—Section 1411(c)(1)(A) of the 

20 Internal Revenue Code of 1986 is amended— 

21 (A) in clause (i), by striking ‘‘, other than 

22 such income which is derived in the ordinary 

23 course of a trade or business not described in 

24 paragraph (2)’’, 


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•S 4365 IS

1 (B) in clause (ii), by striking ‘‘described in 

2 paragraph (2)’’ and inserting ‘‘(determined 

3 under rules similar to the rules of paragraphs 

4 (5) and (6) of section 469(c))’’, and 

5 (C) in clause (iii), by striking ‘‘other than 

6 property held in a trade or business not de7 scribed in paragraph (2)’’. 

8 (2) DENIAL OF DEDUCTION FOR NET OPER9 ATING LOSSES.—Section 1411(c)(1)(B) of such Code 

10 is amended by inserting ‘‘(other than the deduction 

11 for net operating losses provided in section 172)’’ 

12 after ‘‘net gain’’. 

13 (3) CONFORMING AMENDMENTS.— 

14 (A) Section 1411(c) of such Code is 

15 amended by striking paragraphs (2), (3), and 

16 (4) and by redesignating paragraphs (5) and 

17 (6) as paragraphs (2) and (3), respectively. 

18 (B) Section 1411(c)(3) of such Code, as 

19 redesignated by subparagraph (A), is amended 

20 to read as follows: 

21 ‘‘(3) SPECIAL RULE.—Net investment income 

22 shall not include— 

23 ‘‘(A) any item taken into account in deter24 mining self-employment income for such taxable 


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•S 4365 IS

1 year on which a tax is imposed by section 1401, 

2 or 

3 ‘‘(B) any item taken into account in deter4 mining wages received with respect to employ5 ment for such taxable year on which a tax is 

6 imposed by section 3101.’’. 

7 (c) EFFECTIVE DATE.—The amendments made by 

8 this section shall apply to taxable years beginning after 

9 the date of enactment of this Act. 

10 SEC. 9. SOCIAL SECURITY TRUST FUND ESTABLISHED. 

11 (a) IN GENERAL.—Section 201(a) of the Social Secu12 rity Act (42 U.S.C. 401(a)) is amended to read as follows: 

13 ‘‘(a) There is hereby created on the books of the 

14 Treasury of the United States a trust fund to be known 

15 as the ‘Social Security Trust Fund’. The Social Security 

16 Trust Fund shall consist of the securities held by the Sec17 retary of the Treasury for the Federal Old-Age and Sur18 vivors Insurance Trust Fund and the Federal Disability 

19 Insurance Trust Fund and the amount standing to the 

20 credit of the Federal Old-Age and Survivors Insurance 

21 Trust Fund and the Federal Disability Insurance Trust 

22 Fund on the books of the Treasury on January 1 of the 

23 first calendar year beginning after the date of the enact24 ment of section 9 of the Social Security Expansion Act, 

25 which securities and amount the Secretary of the Treasury 


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1 is authorized and directed to transfer to the Social Secu2 rity Trust Fund, and, in addition, such gifts and bequests 

3 as may be made as provided in subsection (i)(1), and such 

4 amounts as may be appropriated to, or deposited in, the 

5 Social Security Trust Fund as hereinafter provided. There 

6 is hereby appropriated to the Social Security Trust Fund 

7 for the first fiscal year that begins after the date of the 

8 enactment of section 9 of the Social Security Expansion 

9 Act, and for each fiscal year thereafter, out of any moneys 

10 in the Treasury not otherwise appropriated, amounts 

11 equivalent to 100 percent of— 

12 ‘‘(1) the taxes imposed by chapter 21 (other 

13 than sections 3101(b) and 3111(b)) of the Internal 

14 Revenue Code of 1986 with respect to wages (as de15 fined in section 3121 of such Code) reported to the 

16 Secretary of the Treasury pursuant to subtitle F of 

17 the Internal Revenue Code of 1986, as determined 

18 by the Secretary of the Treasury by applying the ap19 plicable rates of tax under such chapter (other than 

20 sections 3101(b) and 3111(b)) to such wages, which 

21 wages shall be certified by the Commissioner of So22 cial Security on the basis of the records of wages es23 tablished and maintained by such Commissioner in 

24 accordance with such reports; 


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1 ‘‘(2) the taxes imposed by chapter 2 (other than 

2 section 1401(b)) of the Internal Revenue Code of 

3 1986 with respect to self-employment income (as de4 fined in section 1402 of such Code) reported to the 

5 Secretary of the Treasury on tax returns under sub6 title F of such Code, as determined by the Secretary 

7 of the Treasury by applying the applicable rate of 

8 tax under such chapter (other than section 1401(b)) 

9 to such self-employment income, which self-employ10 ment income shall be certified by the Commissioner 

11 of Social Security on the basis of the records of self12 employment income established and maintained by 

13 the Commissioner of Social Security in accordance 

14 with such returns; and 

15 ‘‘(3) 62 percent of the taxes imposed under sec16 tion 1411 of the Internal Revenue Code of 1986. 

17 The amounts appropriated by paragraphs (1), (2), and (3) 

18 shall be transferred from time to time from the general 

19 fund in the Treasury to the Social Security Trust Fund, 

20 such amounts to be determined on the basis of estimates 

21 by the Secretary of the Treasury of the taxes, specified 

22 in paragraphs (1), (2), and (3), paid to or deposited into 

23 the Treasury; and proper adjustments shall be made in 

24 amounts subsequently transferred to the extent prior esti25 mates were in excess of or were less than the taxes speciVerDate Sep 11 2014 23:30 Jun 12, 2022 Jkt 029200 PO 00000 Frm 00026 Fmt 6652 Sfmt 6201 E:\BILLS\S4365.IS S4365

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1 fied in such paragraphs. All amounts transferred to the 

2 Social Security Trust Fund under the preceding sentence 

3 shall be invested by the Managing Trustee in the same 

4 manner and to the same extent as the other assets of the 

5 Trust Fund. Notwithstanding the preceding sentence, in 

6 any case in which the Secretary of the Treasury deter7 mines that the assets of the Trust Fund would otherwise 

8 be inadequate to meet the Trust Fund’s obligations for 

9 any month, the Secretary of the Treasury shall transfer 

10 to the Trust Fund on the first day of such month the 

11 total amount which would have been transferred to the 

12 Trust Fund under this section as in effect on October 1, 

13 1990; and the Trust Fund shall pay interest to the general 

14 fund on the amount so transferred on the first day of any 

15 month at a rate (calculated on a daily basis, and applied 

16 against the difference between the amount so transferred 

17 on such first day and the amount which would have been 

18 transferred to the Trust Fund up to that day under the 

19 procedures in effect on January 1, 1983) equal to the rate 

20 earned by the investments of the Trust Fund in the same 

21 month under subsection (d).’’. 

22 (b) REQUIRED ACTUARIAL ANALYSIS.—Section 

23 201(c) of the Social Security Act is amended by striking 

24 the fourth sentence in the matter following paragraph (5) 

25 and inserting the following: ‘‘Such report shall also include 


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1 actuarial analysis of the benefit cost with respect to dis2 abled beneficiaries and their auxiliaries, to retired bene3 ficiaries and their auxiliaries, and to survivor bene4 ficiaries.’’. 

5 (c) BOARD OF TRUSTEES.— 

6 (1) BOARD OF TRUSTEES OF SOCIAL SECURITY

7 TRUST FUND.—Section 201(c) of the Social Security 

8 Act, as amended by subsection (b) of this section, is 

9 further amended in the matter preceding paragraph 

10 (1) by striking ‘‘the Federal Old-Age and Survivors 

11 Insurance Trust Fund and the Federal Disability 

12 Insurance Trust Fund (hereinafter in this title 

13 called the ‘Trust Funds’)’’ and inserting ‘‘the Social 

14 Security Trust Fund (in this title referred to as the 

15 ‘Trust Fund’)’’. 

16 (2) CONTINUITY OF BOARD OF TRUSTEES.— 

17 The Board of Trustees of the Social Security Trust 

18 Fund created by the amendment made by subsection 

19 (a) shall be a continuous body with the Board of 

20 Trustees of the Federal Old-Age and Survivors In21 surance Trust Fund and the Federal Disability In22 surance Trust Fund in operation prior to the effec23 tive date of such amendment. Individuals serving as 

24 members of the Board of Trustees of the Federal 

25 Old-Age and Survivors Insurance Trust Fund and 


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1 the Federal Disability Insurance Trust Fund as of 

2 the effective date of such amendment shall serve the 

3 remainder of their term as members of the Board of 

4 Trustees of the Social Security Trust Fund. 

5 (d) CONFORMING AMENDMENTS RELATED TO SO6 CIAL SECURITY TRUST FUND.— 

7 (1) AMENDMENT TO SECTION HEADING.—The 

8 section heading for section 201 of the Social Secu9 rity Act is amended to read as follows: ‘‘SOCIAL SE10 CURITY TRUST FUND’’. 

11 (2) BOARD OF TRUSTEES.—Section 201(c) of 

12 such Act, as amended by subsections (b) and (c)(1), 

13 is further amended— 

14 (A) in the matter preceding paragraph (1), 

15 by striking ‘‘Board of Trustees of the Trust 

16 Funds’’ and inserting ‘‘Board of Trustees of 

17 the Trust Fund’’; 

18 (B) in paragraph (1), by striking ‘‘Trust 

19 Funds’’ and inserting ‘‘Trust Fund’’; 

20 (C) in paragraph (2)— 

21 (i) by striking ‘‘Trust Funds’’ and in22 serting ‘‘Trust Fund’’; and 

23 (ii) by striking ‘‘their’’ and inserting 

24 ‘‘its’’; 


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1 (D) in paragraph (3), by striking ‘‘either 

2 of the Trust Funds’’ and inserting ‘‘the Trust 

3 Fund’’; 

4 (E) in paragraph (5)— 

5 (i) by striking ‘‘managing the Trust 

6 Funds’’ and inserting ‘‘managing the 

7 Trust Fund’’; and 

8 (ii) by striking ‘‘Trust Funds are’’ 

9 and inserting ‘‘Trust Fund is’’; 

10 (F) in the matter following paragraph (5), 

11 by striking ‘‘Trust Funds’’ each place it ap12 pears and inserting ‘‘Trust Fund’’; and 

13 (G) in the second sentence in the matter 

14 following paragraph (5), by striking ‘‘whether 

15 the Federal Old-Age and Survivors Insurance 

16 Trust Fund and the Federal Disability Insur17 ance Trust Fund, individually and collectively, 

18 are’’ and inserting ‘‘whether the Social Security 

19 Trust Fund is’’. 

20 (3) INVESTMENTS.—Section 201 of such Act is 

21 amended in subsections (d) and (e) by striking 

22 ‘‘Trust Funds’’ each place it appears and inserting 

23 ‘‘Trust Fund’’. 


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1 (4) CREDITING OF INTEREST AND PROCEEDS

2 TO TRUST FUNDS.—Section 201(f) of such Act is 

3 amended— 

4 (A) by striking ‘‘the Federal Old-Age and 

5 Survivors Insurance Trust Fund and the Fed6 eral Disability Insurance Trust Fund shall be 

7 credited to and form a part of the Federal Old8 Age and Survivors Insurance Trust Fund and 

9 the Disability Insurance Trust Fund, respec10 tively’’ and inserting ‘‘the Social Security Trust 

11 Fund shall be credited to and form a part of 

12 the Social Security Trust Fund’’; 

13 (B) by striking ‘‘either of the Trust 

14 Funds’’ and inserting ‘‘the Trust Fund’’; and 

15 (C) by striking ‘‘such Trust Fund’’ and in16 serting ‘‘the Trust Fund’’. 

17 (5) ADMINISTRATIVE COSTS.—Section 201(g) of 

18 such Act is amended— 

19 (A) in paragraph (1)— 

20 (i) in subparagraph (A), by striking 

21 ‘‘Of the amounts authorized to be made 

22 available out of the Federal Old-Age and 

23 Survivors Insurance Trust Fund and the 

24 Federal Disability Insurance Trust Fund 

25 under the preceding sentence’’ and all that 


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1 follows through ‘‘(Public Law 103–296).’’; 

2 and 

3 (ii) in subparagraph (B)(i)— 

4 (I) by striking subclauses (II) 

5 and (III) and inserting the following: 

6 ‘‘(II) the portion of such costs which 

7 should have been borne by the Social Security 

8 Trust Fund,’’; and 

9 (II) by redesignating subclauses 

10 (IV) and (V) as subclauses (III) and 

11 (IV); 

12 (B) in paragraph (2)— 

13 (i) by striking ‘‘Trust Funds’’ and in14 serting ‘‘Trust Fund’’; and 

15 (ii) by striking the last sentence; and 

16 (C) in paragraph (4), by striking ‘‘Trust 

17 Funds’’ each place it appears and inserting 

18 ‘‘Trust Fund’’. 

19 (6) BENEFIT PAYMENTS.—Section 201(h) of 

20 such Act is amended to read as follows: 

21 ‘‘(h) All benefit payments required to be made under 

22 this title shall be made only from the Social Security Trust 

23 Fund.’’. 

24 (7) GIFTS.—Section 201(i) of such Act is 

25 amended— 


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1 (A) in paragraph (1), by striking ‘‘the 

2 Federal Old-Age and Survivors Insurance Trust 

3 Fund, the Federal Disability Insurance Trust 

4 Fund’’ and inserting ‘‘the Social Security Trust 

5 Fund’’; and 

6 (B) in paragraph (2)(B), by striking ‘‘the 

7 Federal Old-Age and Survivors Insurance Trust 

8 Fund’’ and inserting ‘‘the Social Security Trust 

9 Fund’’. 

10 (8) TRAVEL EXPENSES.—Section 201(j) of such 

11 Act is amended by striking ‘‘the Federal Old-Age 

12 and Survivors Insurance Trust Fund, or the Federal 

13 Disability Insurance Trust Fund (as determined ap14 propriate by the Commissioner of Social Security)’’ 

15 and inserting ‘‘the Social Security Trust Fund’’. 

16 (9) DEMONSTRATION PROJECTS.—Section 

17 201(k) of such Act is amended by striking ‘‘the Fed18 eral Disability Insurance Trust Fund and the Fed19 eral Old-Age and Survivors Insurance Trust Fund, 

20 as determined appropriate by the Commissioner of 

21 Social Security’’ and inserting ‘‘the Social Security 

22 Trust Fund’’. 

23 (10) BENEFIT CHECKS.—Section 201(m) of 

24 such Act is amended— 


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•S 4365 IS

1 (A) in paragraph (2), by striking ‘‘each of 

2 the Trust Funds’’ and inserting ‘‘the Social Se3 curity Trust Fund’’; 

4 (B) in paragraph (3), by striking ‘‘one of 

5 the Trust Funds’’ and inserting ‘‘the Trust 

6 Fund’’; and 

7 (C) by striking ‘‘such Trust Fund’’ each 

8 place it appears and inserting ‘‘the Trust 

9 Fund’’. 

10 (11) CONFORMING REPEALS.— 

11 (A) IN GENERAL.—Section 201 of such 

12 Act is amended by striking subsections (b), (l), 

13 and (n). 

14 (B) REDESIGNATIONS.—Section 201 of 

15 such Act is further amended— 

16 (i) by redesignating subsections (c) 

17 through (j) as subsections (b) through (i), 

18 respectively; 

19 (ii) by redesignating subsection (k) as 

20 subsection (j); and 

21 (iii) by redesignating subsection (m) 

22 as subsection (k). 

23 (C) REFERENCES TO REDESIGNATED SEC24 TIONS.— 


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1 (i) Section 201(a) of such Act, as 

2 amended by subsection (a) of this section, 

3 is further amended— 

4 (I) by striking ‘‘subsection 

5 (i)(1)’’ and inserting ‘‘subsection 

6 (h)(1)’’; and 

7 (II) by striking ‘‘subsection (d)’’ 

8 and inserting ‘‘subsection (c)’’. 

9 (ii) Section 1131(b)(1) of such Act is 

10 amended by striking ‘‘section 201(g)(1)’’ 

11 and inserting ‘‘section 201(f)(1)’’. 

12 (e) OTHER CONFORMING AMENDMENTS TO SOCIAL

13 SECURITY ACT.— 

14 (1) TITLE II.—Title II of the Social Security 

15 Act (42 U.S.C. 401 et seq.) is amended— 

16 (A) in section 202(x)(3)(B)(iii), by striking 

17 ‘‘the Federal Old-Age and Survivors Insurance 

18 Trust Fund and the Federal Disability Insur19 ance Trust Fund, as appropriate,’’ and insert20 ing ‘‘the Social Security Trust Fund’’; 

21 (B) in section 206(d)(5), by striking ‘‘the 

22 Federal Old-Age and Survivors Insurance Trust 

23 Fund and the Federal Disability Insurance 

24 Trust Fund, as appropriate’’ and inserting ‘‘the 

25 Social Security Trust Fund’’; 


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1 (C) in section 206(e)(3)(B), by striking 

2 ‘‘the Federal Old-Age and Survivors Insurance 

3 Trust Fund and the Federal Disability Insur4 ance Trust Fund’’ and inserting ‘‘the Social Se5 curity Trust Fund’’; 

6 (D) in section 208(b)(5)(A), by striking 

7 ‘‘the Federal Old-Age and Survivors Insurance 

8 Trust Fund and the Federal Disability Insur9 ance Trust Fund, as appropriate’’ and inserting 

10 ‘‘the Social Security Trust Fund’’; 

11 (E) in section 215(i)(1)(F)— 

12 (i) in clause (i)— 

13 (I) by striking ‘‘the combined 

14 balance in the Federal Old-Age and 

15 Survivors Insurance Trust Fund and 

16 the Federal Disability Insurance 

17 Trust Fund’’ and inserting ‘‘the bal18 ance in the Social Security Trust 

19 Fund’’; and 

20 (II) by striking ‘‘and reduced by 

21 the outstanding amount of any loan 

22 (including interest thereon) thereto23 fore made to either such Fund from 

24 the Federal Hospital Insurance Trust 

25 Fund under section 201(l)’’; and 


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•S 4365 IS

1 (ii) in clause (ii)— 

2 (I) by striking ‘‘the Federal Old3 Age and Survivors Insurance Trust 

4 Fund and the Federal Disability In5 surance Trust Fund’’ and inserting 

6 ‘‘the Social Security Trust Fund’’; 

7 and 

8 (II) by striking ‘‘(other than pay9 ments’’ and all that follows through 

10 ‘‘from that Account’’; 

11 (F) in section 217(g)(2), by inserting after 

12 the first sentence the following: ‘‘For purposes 

13 of any such revision of the amount determined 

14 under paragraph (1) that occurs in a year after 

15 2015, any reference in such paragraph to the 

16 Federal Old-Age and Survivors Insurance Trust 

17 Fund or the Federal Disability Insurance Trust 

18 Fund shall be deemed to be a reference to the 

19 Social Security Trust Fund.’’; 

20 (G) in section 221(e)— 

21 (i) by striking ‘‘Trust Funds’’ each 

22 place it appears and inserting ‘‘Trust 

23 Fund’’; and 

24 (ii) by striking the last sentence; 


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1 (H) in section 221(f), by striking ‘‘Trust 

2 Funds’’ and inserting ‘‘Trust Fund’’; 

3 (I) in section 222(d)— 

4 (i) in the section heading, by striking 

5 ‘‘TRUST FUNDS’’ and inserting ‘‘TRUST

6 FUND’’; 

7 (ii) in paragraph (1), by striking ‘‘to 

8 the end that savings will accrue to the 

9 Trust Funds as a result of rehabilitating 

10 such individuals, there are authorized to be 

11 transferred from the Federal Old-Age and 

12 Survivors Insurance Trust Fund and the 

13 Federal Disability Insurance Trust Fund’’ 

14 and inserting ‘‘to the end that savings will 

15 accrue to the Trust Fund as a result of re16 habilitating such individuals, there are au17 thorized to be transferred from the Social 

18 Security Trust Fund’’; and 

19 (iii) by amending paragraph (4) to 

20 read as follows: 

21 ‘‘(4) The Commissioner of Social Security shall deter22 mine according to such methods and procedures as the 

23 Commissioner may deem appropriate the total amount to 

24 be reimbursed for the cost of services under this sub25 section.’’; 


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1 (J) in section 228(g)— 

2 (i) in the section heading, by striking 

3 ‘‘FEDERAL OLD-AGE AND SURVIVORS IN4 SURANCE TRUST FUND’’ and inserting 

5 ‘‘SOCIAL SECURITY TRUST FUND’’; and 

6 (ii) in the matter preceding paragraph 

7 (1), by striking ‘‘Federal Old-Age and Sur8 vivors Insurance Trust Fund’’ and insert9 ing ‘‘Social Security Trust Fund’’; 

10 (K) in section 231(c), by striking ‘‘Trust 

11 Funds’’ each place it appears and inserting 

12 ‘‘Trust Fund’’; and 

13 (L) in section 234(a)(1), by striking 

14 ‘‘Trust Funds’’ and inserting ‘‘Trust Fund’’. 

15 (2) TITLE VII.—Title VII of the Social Security 

16 Act (42 U.S.C. 901 et seq.) is amended— 

17 (A) in section 703(j), by striking ‘‘Federal 

18 Disability Insurance Trust Fund, the Federal 

19 Old-Age and Survivors Insurance Trust Fund,’’ 

20 and inserting ‘‘Social Security Trust Fund’’; 

21 (B) in section 708(c), by striking ‘‘the 

22 ‘OASDI trust fund ratio’ under section 201(l),’’ 

23 after ‘‘computing’’; 

24 (C) in section 709— 


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1 (i) in subsection (a), by striking ‘‘Fed2 eral Old-Age and Survivors Insurance 

3 Trust Fund and the Federal Disability In4 surance Trust Fund’’ and inserting ‘‘Social 

5 Security Trust Fund’’; and 

6 (ii) in subsection (b)— 

7 (I) in paragraph (1), by striking 

8 ‘‘section 201(l) or’’; and 

9 (II) in paragraph (2), by striking 

10 ‘‘Federal Old-Age and Survivors In11 surance Trust Fund and the Federal 

12 Disability Insurance Trust Fund’’ and 

13 inserting ‘‘Social Security Trust 

14 Fund’’; and 

15 (D) in section 710— 

16 (i) in subsection (a), by striking ‘‘Fed17 eral Old-Age and Survivors Insurance 

18 Trust Fund and the Federal Disability In19 surance Trust Fund’’ and inserting ‘‘Social 

20 Security Trust Fund’’; and 

21 (ii) in subsection (b)— 

22 (I) by striking ‘‘any Trust Fund 

23 specified in subsection (a)’’ and in24 serting ‘‘the Social Security Trust 

25 Fund’’; and 


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1 (II) by striking ‘‘payments from 

2 any such Trust Fund’’ and inserting 

3 ‘‘payments from the Social Security 

4 Trust Fund’’. 

5 (3) TITLE XI.—Title XI of the Social Security 

6 Act (42 U.S.C. 1301 et seq.) is amended— 

7 (A) in section 1106(b), 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’’; 

12 (B) in section 1129(e)(2)(A), by striking 

13 ‘‘the Federal Old-Age and Survivors Insurance 

14 Trust Fund or the Federal Disability Insurance 

15 Trust Fund, as determined appropriate by the 

16 Secretary’’ and inserting ‘‘the Social Security 

17 Trust Fund’’; 

18 (C) in sections 1131(b)(2) and 1140(c)(2), 

19 by striking ‘‘the Federal Old-Age and Survivors 

20 Insurance Trust Fund’’ and inserting ‘‘the So21 cial Security Trust Fund’’; 

22 (D) in section 1145(c)— 

23 (i) by striking paragraphs (1) and (2) 

24 and inserting the following: 

25 ‘‘(1) the Social Security Trust Fund;’’; and 


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1 (ii) by redesignating paragraphs (3) 

2 and (4) as paragraphs (2) and (3), respec3 tively; and 

4 (E) in section 1148(j)(1)(A)— 

5 (i) in the first sentence, by striking 

6 ‘‘the Federal Old-Age and Survivors Insur7 ance Trust Fund and the Federal Dis8 ability Insurance Trust Fund’’ and insert9 ing ‘‘the Social Security Trust Fund’’; and 

10 (ii) by striking the second sentence. 

11 (4) TITLE XVIII.—Title XVIII of the Social Se12 curity Act (42 U.S.C. 1395) is amended— 

13 (A) in section 1817(g), by striking ‘‘Fed14 eral Old-Age and Survivors Insurance Trust 

15 Fund and from the Federal Disability Insur16 ance Trust Fund’’ and inserting ‘‘Social Secu17 rity Trust Fund’’; 

18 (B) in section 1840(a)(2), by striking 

19 ‘‘Federal Old-Age and Survivors Insurance 

20 Trust Fund or the Federal Disability Insurance 

21 Trust Fund’’ and inserting ‘‘Social Security 

22 Trust Fund’’; and 

23 (C) in section 1841(f), by striking ‘‘Fed24 eral Old-Age and Survivors Insurance Trust 

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1 ance Trust Fund’’ and inserting ‘‘Social Secu2 rity Trust Fund’’. 

3 (f) CONFORMING AMENDMENTS OUTSIDE OF SOCIAL

4 SECURITY ACT.— 

5 (1) BUDGET.— 

6 (A) OFF-BUDGET EXEMPTION.—Section 

7 405(a) of the Congressional Budget Act of 

8 1974 (2 U.S.C. 655(a)) is amended by striking 

9 ‘‘Federal Old-Age and Survivors Insurance and 

10 Federal Disability Insurance Trust Funds’’ and 

11 inserting ‘‘Social Security Trust Fund’’. 

12 (B) SEQUESTRATION EXEMPTION.—Sec13 tion 255(g)(1)(A) of the Balanced Budget and 

14 Emergency Deficit Control Act of 1985 (2 

15 U.S.C. 905(g)(1)(A)) is amended by striking 

16 ‘‘Payments to Social Security Trust Funds’’ 

17 and inserting ‘‘Payments to the Social Security 

18 Trust Fund’’. 

19 (2) TAX.— 

20 (A) TAXABLE WAGES.—Section 3121(l)(4) 

21 of the Internal Revenue Code of 1986 is 

22 amended by striking ‘‘Federal Old-Age and 

23 Survivors Insurance Trust Fund and the Fed24 eral Disability Insurance Trust Fund’’ and in25 serting ‘‘Social Security Trust Fund’’. 


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1 (B) OVERPAYMENTS.— 

2 (i) Section 6402(d)(3)(C) of the Inter3 nal Revenue Code of 1986 is amended by 

4 striking ‘‘Federal Old-Age and Survivors 

5 Insurance Trust Fund or the Federal Dis6 ability Insurance Trust Fund, whichever is 

7 certified to the Secretary as appropriate by 

8 the Commissioner of Social Security’’ and 

9 inserting ‘‘Social Security Trust Fund’’. 

10 (ii) Subsection (f)(2)(B) of section 

11 3720A of title 31, United States Code, is 

12 amended by striking ‘‘Federal Old-Age and 

13 Survivors Insurance Trust Fund or the 

14 Federal Disability Insurance Trust Fund, 

15 whichever is certified to the Secretary of 

16 the Treasury as appropriate by the Com17 missioner of Social Security’’ and inserting 

18 ‘‘Social Security Trust Fund’’. 

19 (3) FALSE CLAIMS PENALTIES.—Subsection 

20 (g)(2) of section 3806 of title 31, United States 

21 Code, is amended— 

22 (A) in subparagraph (B)— 

23 (i) by striking ‘‘Secretary of Health 

24 and Human Services’’ and inserting ‘‘Com25 missioner of Social Security’’; and 


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1 (ii) by striking ‘‘Federal Old-Age and 

2 Survivors Insurance Trust Fund’’ and in3 serting ‘‘Social Security Trust Fund’’; and 

4 (B) in subparagraph (C)— 

5 (i) by striking ‘‘Secretary of Health 

6 and Human Services’’ and inserting ‘‘Com7 missioner of Social Security’’; and 

8 (ii) by striking ‘‘Federal Disability In9 surance Trust Fund’’ and inserting ‘‘Social 

10 Security Trust Fund’’. 

11 (4) RAILROAD RETIREMENT BOARD.—Section 7 

12 of the Railroad Retirement Act of 1974 (45 U.S.C. 

13 231f) is amended— 

14 (A) in subsection (b)(2), by striking ‘‘Fed15 eral Old-Age and Survivors Insurance Trust 

16 Fund and the Federal Disability Insurance 

17 Trust Fund’’ and inserting ‘‘Social Security 

18 Trust Fund’’; 

19 (B) in subsection (c)(2)— 

20 (i) by striking ‘‘Secretary of Health, 

21 Education, and Welfare’’ each time it ap22 pears and inserting ‘‘Commissioner of So23 cial Security’’; and 

24 (ii) by striking ‘‘Federal Old-Age and 

25 Survivors Insurance Trust Fund, the FedVerDate Sep 11 2014 23:30 Jun 12, 2022 Jkt 029200 PO 00000 Frm 00045 Fmt 6652 Sfmt 6201 E:\BILLS\S4365.IS S4365

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46 

•S 4365 IS

1 eral Disability Insurance Trust Fund,’’ 

2 each time it appears and inserting ‘‘Social 

3 Security Trust Fund’’; and 

4 (C) in subsection (c)(4), by striking ‘‘Fed5 eral Old-Age and Survivors Insurance Trust 

6 Fund, the Federal Disability Insurance Trust 

7 Fund,’’ and inserting ‘‘Social Security Trust 

8 Fund’’. 

9 (g) RULE OF CONSTRUCTION.—Effective beginning 

10 on January 1 of the first calendar year beginning after 

11 the date of the enactment of this section, any reference 

12 in law to the ‘‘Federal Old-Age and Survivors Insurance 

13 Trust Fund’’ or the ‘‘Federal Disability Insurance Trust 

14 Fund’’ is deemed to be a reference to the Social Security 

15 Trust Fund. 

16 (h) EFFECTIVE DATE.—The amendments made by 

17 this section shall take effect on January 1 of the first cal18 endar year beginning after the date of the enactment of 

19 this section. 

Æ 


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