S.Amdt. 3348

SA 3348. Mr. BROWN of Massachusetts submitted an amendment intended
to be proposed to amendment SA 3336 proposed by Mr. Baucus to the bill
H.R. 4213, to amend the Internal Revenue Code of 1986 to extend certain
expiring provisions, and for other purposes; which was ordered to lie
on the table; as follows:

At the end of title I, add the following:

SEC. 103. EMPLOYEE PAYROLL TAX RATE CUT.

(a) In General.--For the 6-calendar-month period beginning
after the date which is 60 days after the date of the
enactment of this Act, the Secretary of the Treasury shall
reduce the rate of tax under section 3101(a) of the Internal
Revenue Code of 1986 and 50 percent of the rate of tax under
section 1401(a) of such Code by such percentage such that the
resulting reduction in revenues to the Federal Old-Age and
Survivors Insurance Trust Fund is equal to 100 percent of the
amounts appropriated or made available and remaining
unobligated under the American Recovery and Reinvestment Act
of 2009 (Pub. Law 111-5) as of the date of the enactment of
this Act.
(b) Transfers to Federal Old-Age and Survivors Insurance
Trust Fund.--There are appropriated to the Federal Old-Age
and Survivors Trust Fund and the Federal Disability Insurance
Trust Fund established under section 201 of the Social
Security Act (42 U.S.C. 401) amounts equal to the reduction
in revenues to the Treasury by reason of the application of
subsection (a). Amounts appropriated by the preceding
sentence shall be transferred from the general fund at such
times and in such manner as to replicate to the extent
possible the transfers which would have occurred to such
Trust Fund had such amendment not been enacted.
(c) Replenishment of General Fund Through Rescission of
Certain Stimulus Funds.--Notwithstanding section 5 of the
American Recovery and Reinvestment Act of 2009 (Public Law
111-5; 123 Stat. 116), from the amounts appropriated or made
available under division A of such Act (other than under
title X of such division A), there is rescinded any remaining
unobligated amounts as of the date of the enactment of this
Act. The Director of the Office of Management and Budget
shall report to each congressional committee the amounts so
rescinded within the jurisdiction of such committee.
(d) Emergency Designation.--This section is designated as
an emergency requirement pursuant to section 4(g) of the
Statutory Pay-As-You-Go Act of 2010 (Public Law 111-139; 2
U.S.C. 933(g)) and section 403(a) of S. Con. Res. 13 (111th
Congress), the concurrent resolution on the budget for fiscal
year 2010. In the House of Representatives, this section is
designated as an emergency for purposes of pay-as-you-go
principles.
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