Carter also sought tax reform in order to create a simpler, more progressive taxation system. He proposed taxing capital gains as ordinary income, eliminating tax shelters, limiting itemized tax deductions, and increasing the standard deduction. Carter's taxation proposals were rejected by Congress, and no major tax reform bill was passed during Carter's presidency. Amid growing public fear that the social security system was in danger of bankruptcy within a few years, Carter signed the Social Security Financing Amendments Act in December 1977, which corrected a flaw that had been introduced into the benefit formula by earlier legislation in 1972, raised Social Security taxes and reduced Social Security benefits. 'Now this legislation', the president remarked, 'will guarantee that from 1980 to the year 2030, the social security funds will be sound'.
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