Paycheck Relief Act of 2015

Bill: 114-hr-3267
Sponsor: full_name: Rep. Williams, Roger [R-TX-25]
Introduced: 2015-07-28
Policy area: Taxation
Subjects: Employment taxes

Medicare

Self-employed

Social security and elderly assistance
Latest action: action_date: 2015-07-28
text: Referred to the House Committee on Ways and Means.

Summaries:
action_date: 2015-07-28
action_desc: Introduced in House
text: <p><strong>Paycheck Relief Act of 2015</strong></p> <p>This bill amends the Internal Revenue Code to reduce Federal Insurance Contributions Act (FICA) tax rates on wage income and corresponding tax rates on self-employment income. </p>

tv_txt: I 114th CONGRESS 1st Session H. R. 3267 IN THE HOUSE OF REPRESENTATIVES July 28, 2015 Mr. Williams 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 reduce the rate of payroll and self-employment taxes, and for other purposes.

1. Short title This Act may be cited as the Paycheck Relief Act of 2015 . 2. FICA tax rate reductions (a) Old-Age, survivors, and disability insurance Sections 3101(a) and 3111(a) of the Internal Revenue Code of 1986 are each amended— (1) by striking all that follows section 3121(b)) and inserting a period, and (2) by striking the following percentages of the wages and inserting 3.1 percent of the wages . (b) Hospital insurance (1) Employees Section 3101(b) of such Code is amended— (A) by striking 1.45 percent in paragraph (1) and inserting 0.725 percent , and (B) by striking 0.9 percent in paragraph (2) and inserting 0.45 percent . (2) Employers Section 3111(b) of such Code is amended— (A) by striking all that follows section 3121(b)) and inserting a period, and (B) by striking the following percentages of the wages and inserting 0.725 percent of the wages . (c) Effective date The amendments made by this section shall apply remuneration paid after December 31, 2015. 3. Tax on self-employment income (a) Old-Age, survivors, and disability insurance Section 1401(a) of the Internal Revenue Code of 1986 is amended— (1) by striking all that follows for such taxable year and inserting a period, and (2) by striking the following percent and inserting 6.2 percent . (b) Hospital insurance Section 1401(b) of such Code is amended— (1) by striking all that follows for such taxable year in paragraph (1) and inserting a period, (2) by striking the following percent in paragraph (1) and inserting 1.45 percent , and (3) by striking 0.9 percent in paragraph (2)(A) and inserting 0.45 . (c) Effective date The amendments made by this section shall apply with respect to remuneration received after December 31, 2015.