[Congressional Bills 108th Congress]
[From the U.S. Government Publishing Office]
[S. 88 Introduced in Senate (IS)]
108th CONGRESS
1st Session
S. 88
To amend the Internal Revenue Code of 1986 to suspend future reductions
of income tax rates if the Social Security surpluses are used to fund
such tax rate cuts.
_______________________________________________________________________
IN THE SENATE OF THE UNITED STATES
January 7, 2003
Mr. Hollings introduced the following bill; which was read twice and
referred to the Committee on Finance
_______________________________________________________________________
A BILL
To amend the Internal Revenue Code of 1986 to suspend future reductions
of income tax rates if the Social Security surpluses are used to fund
such tax rate cuts.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. FINDINGS.
The Senate finds that--
(1) section 13301 of the Budget Enforcement Act of 1990
specifically precludes the President and Congress from counting
Social Security in the budget;
(2) President Bush promised Congress in his first address
to a Joint Session in February 2001 that all Social Security
surplus money will be budgeted for Social Security and Social
Security only;
(3) every Senator in the Senate promised not to touch
Social Security;
(4) every candidate in last year's election promised not to
touch Social Security;
(5) it is a felony for corporate America to count
retirement accounts as revenues and raid them to run their
operations;
(6) the President, the Cabinet, Congress, and the news
media all now use different sets of numbers when reporting the
budget, making it difficult for Americans to get a handle on
the Government's true financial state; and
(7) the purpose of this Act is to ensure that no Social
Security surpluses shall be used to pay for any further tax
cuts.
SEC. 2. SUSPENSION OF CERTAIN INCOME TAX RATE REDUCTIONS IN CASE OF
FEDERAL ON-BUDGET DEFICIT.
Section 1(i) of the Internal Revenue Code of 1986 (relating to rate
reductions after 2000) is amended by redesignating paragraph (3) as
paragraph (4) and by inserting after paragraph (2) the following new
paragraph:
``(3) Suspension of rate reductions in case of federal on-
budget deficit.--Notwithstanding the table contained in
paragraph (2)--
``(A) Initial determination.--If the Secretary
determines on October 1, 2003, that there exists a
Federal on-budget deficit for the fiscal year beginning
on such date, the reduction in the rates under such
table shall be suspended until the beginning of the
first calendar year following the first succeeding
October 1 on which it is determined that such a deficit
does not exist.
``(B) Subsequent determination.--On October 1 of
the year following the first calendar year described in
subparagraph (A), if the Secretary determines that a
Federal on-budget deficit exists for the fiscal year
beginning on such date, the reduction in the rates
under such table shall be suspended until the beginning
of the first calendar year following the first
succeeding October 1 on which it is determined that
such a deficit does not exist.
``(C) Data for determination.--Any determination by
the Secretary under this paragraph with respect to any
fiscal year shall be based on the most recent budgetary
data for such fiscal year submitted to Congress under
section 1106 of title 31, United States Code.''.
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