Section 1 Short title
This Act may be cited as the “Social Security Earned Benefits Payment Act”.
Social Security Earned Benefits Payment Act
A BILL
To ensure that Social Security contributions made by workers are available to pay all benefits which they have earned.
Sec. 2 Allocations to Federal Disability Insurance Trust Fund
Allocation with respect to wages— Section 201(b)(1) of the Social Security Act (42 U.S.C. 401(b)(1)) is amended by striking “and (R) 1.80 per centum of the wages (as so defined) paid after December 31, 1999, and so reported,” and inserting “(R) 1.80 per centum of the wages (as so defined) paid after December 31, 1999, and before January 1, 2016, and so reported, (S) 2.65 per centum of the wages (as so defined) paid after December 31, 2015, and before January 1, 2021, and so reported, and (T) 1.80 per centum of the wages (as so defined) paid after December 31, 2020, and so reported,”.
Allocation With Respect to Self-Employment Income— Section 201(b)(2) of such Act (42 U.S.C. 401(b)(2)) is amended by striking “and (R) 1.80 per centum of the amount of self-employment income (as so defined) so reported for any taxable year beginning after December 31, 1999,” and inserting “(R) 1.80 per centum of the amount of self-employment income (as so defined) so reported for any taxable year beginning after December 31, 1999, and before January 1, 2016, (S) 2.65 per centum of the amount of self-employment income (as so defined) so reported for any taxable year beginning after December 31, 2015, and before January 1, 2021, and (T) 1.80 per centum of the amount of self-employment income (as so defined) so reported for any taxable year beginning after December 31, 2020,”.
Effective date— The amendments made by this section shall apply with respect to wages paid after December 31, 2015, and self-employment income for taxable years beginning after such date.