Keeping Social Security Solvent Act of 2015

Bill: 114-hr-2078
Sponsor: full_name: Rep. Tonko, Paul [D-NY-20]
Introduced: 2015-04-28
Policy area: Taxation
Subjects: Employment taxes

Wages and earnings
Latest action: action_date: 2015-04-28
text: Referred to the House Committee on Ways and Means.

Summaries:
action_date: 2015-04-28
action_desc: Introduced in House
text: <p><strong>Keeping Social Security Solvent Act of 2015</strong></p> <p> Amends the Internal Revenue Code, with respect to the taxes on employment and self-employment compensation, to repeal the limit on the amount of compensation subject to&nbsp;such taxes (i.e., the contribution and benefit base, currently $118,500 in 2015). </p>

tv_txt: I 114th CONGRESS 1st Session H. R. 2078 IN THE HOUSE OF REPRESENTATIVES April 28, 2015 Mr. Tonko introduced the following bill; which was referred to the Committee on Ways and Means A BILL To amend the Internal Revenue Code of 1986 to repeal the limitation on the imposition of employment taxes on wages in excess of the contribution and benefit base.

1. Short title This Act may be cited as the Keeping Social Security Solvent Act of 2015 . 2. Repeal of limitation on social security wage base for FICA and SECA (a) FICA Paragraph (1) of section 3121(a) of the Internal Revenue Code of 1986 is hereby repealed. (b) SECA Subsection (b) of section 1402 of such Code is amended by striking include— and all that follows through 3211. and inserting include the net earnings from self-employment, if such net earnings for the taxable year are less than $400. . (c) Conforming amendments (1) Section 31 of such Code is amended by striking subsection (b) and redesignating subsection (c) as subsection (b). (2) Section 51(h)(1)(A) of such Code is amended by striking except that the contribution and benefit base for each calendar year shall be deemed to be and inserting not to exceed . (3) Section 3121(s) of such Code is amended by striking 3102, 3111, and 3121(a)(1) and inserting 3102 and 3111 . (4) Section 3122 of such Code is amended by striking The person making such return may, for convenience of administration, make payments of the tax imposed under section 3111 with respect to such service without regard to the contribution and benefit base limitation in section 3121(a)(1), and he shall not be required to obtain a refund of the tax paid under section 3111 on that part of the remuneration not included in wages by reason of section 3121(a)(1). . (5) Subsections (a), (b), (c), and (d) of section 3125 of such Code are each amended by striking the last sentence. (6) Section 6413 of such Code is amended by striking subsection (c). (7) Section 643(d)(1) of such Code is amended by striking 31(c) and inserting 31(b) . (8) Subsection (c) of section 230 of the Social Security Act is amended by striking and sections 1402, 3121, 3122, 3125, 6413, and 6654 of the Internal Revenue Code of 1986 . (d) Effective date (1) The amendments made by subsections (a), (b), and (d) shall apply with respect to remuneration paid after December 31, 2015. (2) The amendments made by subsection (c) shall apply to taxable years beginning after December 31, 2015.