[Congressional Bills 105th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3448 Introduced in House (IH)]







105th CONGRESS
  2d Session
                                H. R. 3448

  To amend the Internal Revenue Code of 1986 to provide an inflation 
   adjustment of the income threshold amounts at which 85 percent of 
      Social Security benefits become includible in gross income.


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                    IN THE HOUSE OF REPRESENTATIVES

                             March 12, 1998

  Mr. Filner introduced the following bill; which was referred to the 
                      Committee on Ways and Means

_______________________________________________________________________

                                 A BILL


 
  To amend the Internal Revenue Code of 1986 to provide an inflation 
   adjustment of the income threshold amounts at which 85 percent of 
      Social Security benefits become includible in gross income.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Equal Indexing for Seniors Act of 
1998''.

SEC. 2. INFLATION ADJUSTMENT OF INCOME THRESHOLD AMOUNTS FOR 85 PERCENT 
              INCLUSION OF SOCIAL SECURITY BENEFITS.

    (a) General Rule.--Subsection (c) of section 86 of the Internal 
Revenue Code of 1986 (relating to social security and tier 1 railroad 
retirement benefits) is amended by adding at the end thereof the 
following new paragraph:
            ``(3) Inflation adjustment to adjusted base amounts.--In 
        the case of any taxable year beginning in a calendar year after 
        1998, each dollar amount contained in paragraph (2) shall be 
        increased by an amount equal to--
                    ``(A) such dollar amount, multiplied by
                    ``(B) the cost-of-living adjustment determined 
                under section 1(f)(3) for the calendar year in which 
                the taxable year begins, by substituting `calendar year 
                1997' for `calendar year 1992'.
        If any increase determined under the preceding sentence is not 
        a multiple of $50, such increase shall be rounded to the next 
        lowest multiple of $50.''
    (b) Effective Date.--The amendment made by subsection (a) shall 
apply to taxable years beginning after December 31, 1998.
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