S.Amdt. 3708

1. Inserts new text on page 94, between lines 20 and 21

   InsertsPrinted page

   Inserted: (2) Inflation adjustment.--

   Inserted: (A) FICA.--Paragraph (2) of section 3101(b) of the Internal Revenue Code of 1986, as added by section 9015 of the Patient Protection and Affordable Care Act and amended by section 10906 of such Act and paragraph (1), is amended--

   Inserted: (i) by striking "In addition" and inserting the following:

   Inserted: "(A) In general.--In addition", and

   Inserted: (ii) by striking "and which are in excess of" and all that follows and inserting "and which are in excess of--

   Inserted: "(i) in the case of a joint return, $250,000,

   Inserted: "(ii) in the case of a married taxpayer (as defined in section 7703) filing a separate return, one-half the dollar amount determined under clause (i), and

   Inserted: "(iii) in any other case, $200,000.

   Inserted: "(B) Inflation adjustment.--In the case of any taxable year beginning after 2013, the $250,000 and $200,000 amounts under subparagraph (A) shall each be increased by an amount equal to--

   Inserted: "(i) such dollar amount, multiplied by

   Inserted: "(ii) the cost-of-living adjustment determined under section 1(f)(3) for the calendar year in which the taxable year begins, determined by substituting 'calendar year 2012' for 'calendar year 1992' in subparagraph (B) thereof . Any increase determined under the preceding sentence shall be rounded to the nearest multiple of $1,000.".

   Inserted: (B) SECA.--

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   Inserted: (i) In general.--Paragraph (2) of section 1401(b) of the Internal Revenue Code of 1986, as added by section 9015 of the Patient Protection and Affordable Care Act and amended by section 10906 of such Act, is amended by redesignating subparagraph (B) as subparagraph (C) and by inserting after subparagraph (A) the following new subparagraph:

   Inserted: "(B) Inflation adjustment.--In the case of any taxable year beginning after 2013, the $250,000 and $200,000 amounts under subparagraph (A) shall each be increased by an amount equal to--

   Inserted: "(i) such dollar amount, multiplied by

   Inserted: "(ii) the cost-of-living adjustment determined under section 1(f)(3) for the calendar year in which the taxable year begins, determined by substituting 'calendar year 2012' for 'calendar year 1992' in subparagraph (B) thereof . Any increase determined under the preceding sentence shall be rounded to the nearest multiple of $1,000.".

   Inserted: (ii) Conforming amendment.--Subparagraph (C) of section 1401(b)(2) of such Code, as added by section 9015 of the Patient Protection and Affordable Care Act and redesignated by subparagraph (A), is amended by inserting "(after the application of subparagraph (B))" after "subparagraph (A)".

   Inserted: (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 such Act (other than under title X of such division A), there is rescinded $1,600,000,000 of any remaining unobligated amounts. The Director of the Office of Management and Budget shall apply the rescission in a pro rata manner with respect to such amounts. 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.

   Original wording

   On page 94, between lines 20 and 21, insert the following:

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As printed