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revised plan, S. 1383. It only raised the full benefit age to 67 (albeit somewhat fasterthan current law and with greater reductions and increases for early and delayedretirement) and did not increase the earliest eligibility age. In lieu of such changesproposed in their previous bill, it contained a provision similar to that of S. 21,constraining the growth of the system’s benefit formula to reflect increasing lifeexpectancy. It retained the mandatory two percentage point tax “carve out” for newpersonal accounts, however, in contrast to their previous bill, some or all of theannuities from these accounts was to cause a reduction in future Social Securitybenefits. In addition, it did not create a new minimum benefit but instead revised thebasic benefit formula to tilt it more heavily toward low-wage workers. The newpackage also called for creation of “kidsave” accounts similar to those of S. 21 (withhalf of the eventual “kidsave” annuities causing a reduction in Social Securitybenefits), and it revised voluntary savings provisions in the previous bill by adding agovernment contribution and matching rate for low-income workers. To assist withprogram financing, it would have raised the maximum amount of earnings subject toSocial Security taxation and authorized general fund infusions to the Social Securitytrust funds rising from amounts equal to 0.6% of pay in 2000 to 1.2% in 2060 andthereafter. As with H.R. 1793 (Kolbe/Stenholm), this new package excludedprovisions extending Social Security coverage to state and local government workersand reducing the dependent spouse’s benefit. (Also see S. 2774, introduced by samesponsors in the 106th Congress – similar bill with some modifications)., Social Security—formally known as Old-Age, Survivors, and Disability Insurance—was enacted in 1935 and has been amended numerous times. Lists and summaries of individual major Social Security amendments may illuminate the tone and context of the debate of the program in the House and Senate., 1983 - Social Security Amendments of 1983, Pub. L. 98–21 This document describes the massive 1983 changes affecting the financing of the Social Security system..
The 1983 Social Security Amendments are a major milestone in the legislative history of the Social Security program. They might fairly be described as the last major Social Security legislation of the twentieth century., A bill to implement the consensus recommendations of the National Commission on Social Security Reform. In GovTrack.us, a database of bills in the U.S. Congress., Social Security benefits to income taxes. While passed by the House, the Senate did not take up the repeal before adjourning sine die. This report gives an overview of the reform issues and summarizes the bills introduced in the 106th Congress to address them. Bills directed at other Social Security concerns also are listed by subject in a , In 1983 the Social Security Trust Fund was rapidly emptying. President Reagan appointed a bipartisan commission headed by Alan Greenspan to recommend solutions. The commission could not agree. Republicans adamantly opposed tax increases and Democrats opposed any slowdown in the growth of benefits., So far this year, Congress has been busy introducing new legislation to improve Americans’ Social Security benefits. Two bills, the Social Security Expansion Act and the Senior Citizens Tax Elimination Act, are particularly noteworthy., The Trust Fund Connection Since bipartisan reform in 1983, the Social Security system has been supported by a dedicated revenue stream generated from federal income taxation of benefits. This isn’t general revenue that can be used for any government purpose. By law, these tax revenues are deposited directly into the Social Security Old-Age and Survivors Insurance (OASI) and Disability .