3.0.0 4181 2023-01-11T20:11:44Z 2023-01-11T20:11:44Z House H HR 2007-11-14 110 hsed00 Education and the Workforce Committee House Standing hsed02 Health, Employment, Labor, and Pensions Subcommittee Referred to 2008-02-05T17:42:25Z Referred to 2007-11-14T15:00:30Z hswm00 Ways and Means Committee House Standing hswm03 Work and Welfare Subcommittee Referred to 2007-11-19T17:58:55Z hswm02 Health Subcommittee Referred to 2007-11-19T17:58:50Z Referred to 2007-11-14T15:00:25Z hsif00 Energy and Commerce Committee House Standing hsif14 Health Subcommittee Referred to 2007-11-15T19:40:23Z Referred to 2007-11-14T15:00:40Z hsru00 Rules Committee House Standing Referred to 2007-11-14T15:00:45Z hsbu00 Budget Committee House Standing Referred to 2007-11-14T15:00:35Z 2008-02-05 hsed02 Health, Employment, Labor, and Pensions Subcommittee 1 House committee actions Referred to the Subcommittee on Health, Employment, Labor, and Pensions. Committee 2007-11-19 hswm03 Work and Welfare Subcommittee 1 House committee actions Referred to the Subcommittee on Income Security and Family Support. Committee 2007-11-19 hswm02 Health Subcommittee 1 House committee actions Referred to the Subcommittee on Health. Committee 2007-11-15 hsif14 Health Subcommittee 1 House committee actions Referred to the Subcommittee on Health. Committee 2007-11-14 Referred to the Committee on Ways and Means, and in addition to the Committees on Education and Labor, the Budget, Energy and Commerce, and Rules, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned. IntroReferral H11100 2 House floor actions hsru00 Rules Committee 2007-11-14 Referred to the Committee on Ways and Means, and in addition to the Committees on Education and Labor, the Budget, Energy and Commerce, and Rules, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned. IntroReferral H11100 2 House floor actions hsif00 Energy and Commerce Committee 2007-11-14 Referred to the Committee on Ways and Means, and in addition to the Committees on Education and Labor, the Budget, Energy and Commerce, and Rules, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned. IntroReferral H11100 2 House floor actions hsbu00 Budget Committee 2007-11-14 Referred to the Committee on Ways and Means, and in addition to the Committees on Education and Labor, the Budget, Energy and Commerce, and Rules, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned. IntroReferral H11100 2 House floor actions hsed00 Education and the Workforce Committee 2007-11-14 Referred to the Committee on Ways and Means, and in addition to the Committees on Education and Labor, the Budget, Energy and Commerce, and Rules, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned. IntroReferral H11100-A 9 Library of Congress 2007-11-14 Referred to the Committee on Ways and Means, and in addition to the Committees on Education and Labor, the Budget, Energy and Commerce, and Rules, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned. IntroReferral H11100 2 House floor actions hswm00 Ways and Means Committee 2007-11-14 Introduced in House IntroReferral Intro-H 9 Library of Congress 2007-11-14 Introduced in House IntroReferral 1000 9 Library of Congress F000444 Rep. Flake, Jeff [R-AZ-6] JEFF FLAKE R AZ 6 N B001262 Rep. Broun, Paul C. [R-GA-10] Paul Broun R GA C. 10 2007-12-05 False F000447 Rep. Feeney, Tom [R-FL-24] Tom Feeney R FL 24 2007-12-05 False I000056 Rep. Issa, Darrell E. [R-CA-49] DARRELL ISSA R CA E. 49 2007-12-05 False F000452 Resident Commissioner Fortuno, Luis G. [R-PR-At Large] Luis Fortuno R PR G. 0 2007-12-05 False F000450 Rep. Foxx, Virginia [R-NC-5] Virginia Foxx R NC 5 2007-12-05 False F000448 Rep. Franks, Trent [R-AZ-2] Trent Franks R AZ 2 2007-12-18 False J000032 Rep. Jackson-Lee, Sheila [D-TX-18] SHEILA JACKSON-LEE D TX 18 2008-06-04 False Social Welfare Annuities Budget surpluses Economics and Public Finance Executive reorganization Finance and Financial Sector Government Operations and Politics Government trust funds Health Health insurance Income tax Investment of public funds Investments Labor and Employment Medicare Mutual funds Old age, survivors and disability insurance Payroll deductions Public debt Saving and investment Self-employed Social Security Administration Social security taxes Tax exclusion Tax exemption Tax penalties Taxation Social Welfare 00 2007-11-14 Introduced in House 2008-02-06T20:53:31Z Securing Medicare and Retirement for Tomorrow Act of 2007, or SMART Act of 2007 - Amends title II (Old Age, Survivors and Disability Insurance) (OASDI) of the Social Security Act (SSA) to add a new part B (Personal Social Security Savings Program) under which each employer shall establish and maintain for each participating employee a personal Social Security account under a Social Security payroll deduction plan. Provides for the participation by self-employed individuals and the investment of personal Social Security account funds in one qualified Social Security mutual fund designated by the participating individual.

Establishes the Personal Accounts Management and Review Board, and requires it to establish a program for designating qualified Social Security mutual funds.

Provides for election of SSA title II part A (Insurance Benefits) in lieu of part B benefits at retirement.

Establishes in the Treasury the Social Security Escrow Fund and provides for investment of its holdings.

Amends SSA title XVIII (Medicare) with respect to personal Social Security accounts.

Amends the Internal Revenue Code to impose a tax on the failure of Medicare retirees to obtain qualified health insurance coverage.

Provides for a reduction in rate of the Federal Insurance Contributions Act (FICA) tax on employers if the Fund is ever projected to have excess funds during the ensuing calendar year, and will have no need to borrow funds for the next 10 calendar years.

Prohibits collection of the FICA tax with respect to individuals who have attained retirement age.

Excludes from an individual's gross income any distributions from a personal Social Security account or any amount received under a qualified Social Security annuity.

Provides for budget reform transfers from the general fund of the Treasury to the Social Security Escrow Fund of any tax revenues in excess of specified target revenue amounts (if any) for the fiscal year.

Amends the Congressional Budget Act of 1974 to provide for dedication of Social Security surpluses to reduction in the public debt.

]]> SMART Act of 2007 Official Title as Introduced To reform Social Security retirement and Medicare by establishing a Personal Social Security Savings Program to create a safer, healthier, more secure, and more prosperous retirement for all Americans and to reduce the burden on young Americans. Introduced in House IH Display Title SMART Act of 2007 Short Titles as Introduced SMART Act of 2007 Short Titles as Introduced Securing Medicare and Retirement for Tomorrow Act of 2007 Introduced in House 2007-11-14T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-110hr4181ih/xml/BILLS-110hr4181ih.xml 2008-02-05 Referred to the Subcommittee on Health, Employment, Labor, and Pensions. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.