[Congressional Bills 110th Congress]
[From the U.S. Government Publishing Office]
[H.R. 5779 Introduced in House (IH)]
110th CONGRESS
2d Session
H. R. 5779
To amend the Internal Revenue Code of 1986 to impose a tax on the
amount of wages in excess of the contribution and benefit base, and for
other purposes.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
April 10, 2008
Mr. Wexler 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 impose a tax on the
amount of wages in excess of the contribution and benefit base, and for
other purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Social Security Forever Act of
2008''.
SEC. 2. TAX IMPOSED ON WAGES IN EXCESS OF CONTRIBUTION AND BENEFIT
BASE.
(a) Tax on Employees.--Section 3101 of the Internal Revenue Code of
1986 (relating to rate of tax) is amended by adding at the end the
following new subsection:
``(d) Wages Received in Excess of Contribution and Benefit Base.--
In addition to the taxes imposed by subsections (a) and (b) and
notwithstanding subsection (c), there is hereby imposed on the income
of every individual a tax equal to 3 percent of the excess (if any)
of--
``(1) the wages (as defined in section 3121(a)) received by
him with respect to employment (as defined in section 3121(b))
during the calendar year, over
``(2) so much of such wages as does not exceed the
contribution and benefit base, as determined under section 230
of the Social Security Act for such calendar year.''.
(b) Tax on Employers.--Section 3111 of such Code (relating to rate
of tax) is amended by adding at the end the following new subsection:
``(d) Wages Paid in Excess of Contribution and Benefit Base.--In
addition to the taxes imposed by subsections (a) and (b) and
notwithstanding subsection (c), there is hereby imposed on every
employer an excise tax, with respect to having individuals in his
employ, equal to 3 percent of the excess (if any) of--
``(1) the wages (as defined in section 3121(a)) paid by him
with respect to employment (as defined in section 3121(b))
during the calendar year, over
``(2) so much of such wages as does not exceed the
contribution and benefit base, as determined under section 230
of the Social Security Act for such calendar year.''.
(c) Railroad Retirement.--
(1) Tax on employees.--Section 3201 of such Code (relating
to rate of tax) is amended by redesignating subsection (c) as
subsection (d) and by inserting after subsection (b) the
following new subsection:
``(c) Wages Received in Excess of Contribution and Benefit Base.--
In addition to other taxes, there is hereby imposed on the income of
each employee a tax equal to 3 percent of the excess (if any) of--
``(1) the compensation (determined without regard to
section 3231(e)(2)) received during any calendar year by such
employee for services rendered by such employee, over
``(2) so much of such compensation as does not exceed the
contribution and benefit base, as determined under section 230
of the Social Security Act for such calendar year.''.
(2) Tax on employee representatives.--Section 3211 of such
Code (relating to rate of tax) is amended by redesignating
subsection (c) as subsection (d) and by inserting after
subsection (b) the following new subsection:
``(c) Wages Received in Excess of Contribution and Benefit Base.--
In addition to other taxes, there is hereby imposed on the income of
each employee representative a tax equal to 3 percent of the excess (if
any) of--
``(1) the compensation (determined without regard to
section 3231(e)(2)) received during any calendar year by such
employee representative for services rendered by such employee
representative, over
``(2) so much of such compensation as does not exceed the
contribution and benefit base, as determined under section 230
of the Social Security Act for such calendar year.''.
(3) Tax on employers.--Section 3221 of such Code (relating
to rate of tax) is amended by redesignating subsection (c) as
subsection (d) and by inserting after subsection (b) the
following new subsection:
``(c) Wages Paid in Excess of Contribution and Benefit Base.--In
addition to other taxes, there is hereby imposed on every employer an
excise tax, with respect to having individuals in his employ, equal to
3 percent of the excess (if any) of--
``(1) the compensation (determined without regard to
section 3231(e)(2)) paid during any calendar year by such
employer for services rendered to such employer, over
``(2) so much of such compensation as does not exceed the
contribution and benefit base, as determined under section 230
of the Social Security Act for such calendar year.''.
(d) Tax on Self-Employment Income.--Section 1401 of such Code
(relating to rate of tax) is amended by adding at the end the following
new subsection:
``(d) Wages Received in Excess of Contribution and Benefit Base.--
In addition to the taxes imposed by subsections (a) and (b) and
notwithstanding subsection (c), there shall be imposed for each taxable
year, on the self-employment income of every individual, a tax equal to
6 percent of the excess (if any) of--
``(1) the self-employment income for such taxable year,
over
``(2) so much of such self-employment income as does not
exceed the contribution and benefit base, as determined under
section 230 of the Social Security Act, which is effective for
the calendar year in which such taxable year begins.''.
(e) Conforming Amendments.--
(1) Section 24(d)(2)(A) of such Code is amended--
(A) in clause (i) by inserting ``(other than
subsection (d) thereof)'' after ``3101'', and
(B) in clause (ii) by inserting ``(other than
subsection (d) thereof)'' after ``1401''.
(2) Section 45B(b)(1) of such Code is amended by inserting
``(other than subsection (d) thereof)'' after ``section 3111''.
(3) Section 406(b)(2)(B) of such Code is amended by
inserting ``(other than subsection (d) thereof)'' after
``3101''.
(4) Section 3121(l)(1)(A) of such Code is amended by
striking ``sections 3101 and 3111'' and inserting ``sections
3101 (other than subsection (d) thereof) and 3111 (other than
subsection (d) thereof)''.
(5) Section 6051(a)(6) of such Code is amended by inserting
``(stated separately with respect to the taxes imposed by
subsections (a), (b), and (d) thereof)'' after ``section
3101''.
(6) Section 6053(b) of such Code is amended--
(A) by striking ``section 3101 or section 3201''
and inserting ``section 3101 (without regard to
subsection (d) thereof) or section 3201 (without regard
to subsection (d) thereof)'', and
(B) by inserting ``with respect to sections 3101(a)
and (b) and 3201(a) and (b)'' after ``as the case may
be'' the second place it appears.
(f) Effective Date.--
(1) In general.--Except as provided in paragraph (2), the
amendments made by this section shall apply with respect to
remuneration paid after December 31, 2008.
(2) Self-employment income.--The amendment made by
subsection (d) shall apply to taxable years beginning after
December 31, 2008.
SEC. 3. SIGNATURES ON TREASURY SECURITIES.
(a) In General.--Subchapter II of chapter 31 of title 31, United
States Code, is amended by adding at the end the following new section:
``Sec. 3131. Signatures on obligations issued or guaranteed under this
chapter
``Every obligation issued or guaranteed under the authority of this
chapter shall bear a facsimile of the signatures of the President of
the United States and the Secretary of the Treasury.''.
(b) Clerical Amendment.--The table of sections for chapter 31,
United States Code, is amended by adding after the item relating to
section 3130 the following new item:
``3131. Signatures on obligations issued or guaranteed under this
chapter.''.
(c) Effective Date.--The amendments made by this section shall
apply to obligations issued after 3 months after the date of the
enactment of this Act.
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