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