time, from the Railroad Retirement Account to the
general fund of the Treasury amounts equivalent to
the credits allowed under section 35 of the Internal
Revenue Code of 1986 which are attributable to
taxes described in subparagraphs (B) and (D) of
section 35(c)(1) of such Code.
(3) TRANSFERS.—Such amounts shall be trans-
ferred on the basis of estimates by the Secretary of
the Treasury or the Railroad Retirement Board, as
the case may be, and proper adjustments shall be
made in amounts subsequently transferred to the ex-
tent prior estimates were in excess of or less than
the credits allowed.
(c) TECHNICAL AMENDMENTS.—
(1) Paragraph (2) of section 1324(b) of title
31, United States Code, is amended by inserting be-
fore the period ‘‘or from section 35 of such Code’’.
(2) The table of sections for subpart C of part
IV of subchapter A of chapter 1 of such Code is
amended by striking the item relating to section 35
and inserting the following:
‘‘Sec. 35. Credit for portion of employee OASDI taxes.
‘‘Sec. 36. Overpayments of tax.’’
(d) EFFECTIVE DATE.—The amendments made by
this section shall apply to taxable years beginning after
December 31, 1993.
SEC. 3. REPEAL OF DOLLAR LIMITATION ON AMOUNT OF
WAGES SUBJECT TO EMPLOYEE OASDI TAX.
(a) OASDI TAX.—
(1) Paragraph (1) of section 3121(a) of the In-
ternal Revenue Code of 1986 (defining wages) is
amended by inserting ‘‘except in the case of the tax
imposed by section 3101(a),’’ after ‘‘(1)’’.
(2) Paragraph (1) of section 3121(x) of such
Code is amended—
(A) by striking ‘‘sections 3101(a) and
3111(a)’’ and inserting ‘‘section 3111(a)’’, and
(B) by inserting ‘‘EMPLOYER TAX FOR’’
before ‘‘OLD-AGE’’ in the heading.
(b) SELF-EMPLOYMENT TAX.—Subsection (b) of sec-
tion 1402 of such Code is amended by adding at the end
thereof the following new sentence: ‘‘Paragraph (1) shall
not apply to so much of the rate applicable under section
1401(a) as does not exceed the rate of tax in effect under
section 3101(a).’’
(c) RAILROAD RETIREMENT TAX.—Subparagraph
(A) of section 3231(e)(2) of such Code is amended by add-
ing at the end thereof the following new clause:
‘‘(iii) EMPLOYEE
OASDI
TAXES.—
Clause (i) shall not apply to—
‘‘(I) so much of the rate applica-
ble under section 3201(a) as does not
exceed the rate of tax in effect under
section 3101(a), and
‘‘(II) so much of the rate applica-
ble under section 3211(a)(1) as does
not exceed the rate of tax in effect
under section 3101(a).’’
(d) TECHNICAL AMENDMENTS.—
(1) Paragraph (1) of section 6413(c) of such
Code is amended—
(A) by striking ‘‘the contribution and bene-
fit base (as determined under section 230 of the
Social Security Act)’’ and inserting ‘‘the appli-
cable contribution base determined under sec-
tion 3121(x)(2)’’, and
(B) by striking ‘‘section 3101 or section
3201’’ and inserting ‘‘section 3101(b) or section
3201(a) (to the extent the rate applicable under
section 3201(a) as does not exceed the rate of
tax in effect under section 3101(b))’’.
(2) Subparagraphs (B) and (C) of section
6413(c)(2) of such Code are each amended by strik-
ing ‘‘section 3101’’ each place it appears and insert-
ing ‘‘section 3101(b)’’.
(3) Subsection (c) of section 6413 of such Code
is amended by striking paragraph (3).
(e) EFFECTIVE DATE.—The amendments made by
this section shall apply to 1994 and later calendar years.
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