S.Amdt. 633
What it does: Adds SEC. ____. MECHANISM TO PROTECT SOCIAL SECURITY wherever appropriate
Sen. Byron L. Dorgan (D-ND)What it changes
1 change to S. 1054
Adds SEC. ____. MECHANISM TO PROTECT SOCIAL SECURITY wherever appropriate
Adds a sectionInserted: SEC. ____. MECHANISM TO PROTECT SOCIAL SECURITY
Inserted: (a) Certification.--
Inserted: (1) In general.--Each year, beginning in 2003, when the Final Monthly Treasury Statement for the most recently completed fiscal year is issued, the Secretary of the Treasury shall--
Inserted: (A) certify whether there was a on-budget balance or surplus in that fiscal year; and
Inserted: (B) estimate whether there would be an on-budget deficit in any of the succeeding 10 fiscal years if the amendment made by section 102 of this Act with respect to the highest individual income tax rate takes effect January 1 of the following year.
Inserted: (2) Estimate.--The calculations for the estimate under paragraph (1)(B) shall be consistent with the baseline rules specified in section 257 of the Balanced Budget and Emergency Deficit Control Act of 1995, except for the assumption that these provisions take effect and remain in effect permanently.
Inserted: (b) Delay in Acceleration of Reduction of Highest Individual Income Tax Rate.--Notwithstanding any other provision of law or this Act, the amendment made by section 102 of this Act with respect to the highest individual income tax rate shall not take effect until January 1 of the year following--
Inserted: (1) a certification by the Secretary of the Treasury pursuant to paragraph (a)(1)(A) that no on-budget deficit existed in the preceding fiscal year; and
Inserted: (2) an estimate by the Secretary of the Treasury pursuant to paragraph (a)(1)(B) that no on-budget deficits will occur in any of the 10 succeeding fiscal years even if such amendment takes effect.
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Original wording
At the appropriate place, insert the following:
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As printed
SA 633. Mr. DORGAN submitted an amendment intended to be proposed by him to the bill S. 1054, to provide for reconciliation pursuant to section 201 of the concurrent resolution on the budget for fiscal year 2004; which was ordered to lie on the table; as follows:
At the appropriate place, insert the following:
SEC. ____. MECHANISM TO PROTECT SOCIAL SECURITY
(a) Certification.--
(1) In general.--Each year, beginning in 2003, when the Final Monthly Treasury Statement for the most recently completed fiscal year is issued, the Secretary of the Treasury shall--
(A) certify whether there was a on-budget balance or surplus in that fiscal year; and
(B) estimate whether there would be an on-budget deficit in any of the succeeding 10 fiscal years if the amendment made by section 102 of this Act with respect to the highest individual income tax rate takes effect January 1 of the following year.
(2) Estimate.--The calculations for the estimate under paragraph (1)(B) shall be consistent with the baseline rules specified in section 257 of the Balanced Budget and Emergency Deficit Control Act of 1995, except for the assumption that these provisions take effect and remain in effect permanently.
(b) Delay in Acceleration of Reduction of Highest Individual Income Tax Rate.--Notwithstanding any other provision of law or this Act, the amendment made by section 102 of this Act with respect to the highest individual income tax rate shall not take effect until January 1 of the year following--
(1) a certification by the Secretary of the Treasury pursuant to paragraph (a)(1)(A) that no on-budget deficit existed in the preceding fiscal year; and
(2) an estimate by the Secretary of the Treasury pursuant to paragraph (a)(1)(B) that no on-budget deficits will occur in any of the 10 succeeding fiscal years even if such amendment takes effect.
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Senate amendment submitted
May 15, 2003