[Congressional Bills 115th Congress]
[From the U.S. Government Publishing Office]
[S. 2671 Introduced in Senate (IS)]

<DOC>






115th CONGRESS
  2d Session
                                S. 2671

To protect our Social Security system and improve benefits for current 
                        and future generations.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             April 16, 2018

    Mr. Blumenthal (for himself and Mr. Van Hollen) introduced the 
 following bill; which was read twice and referred to the Committee on 
                                Finance

_______________________________________________________________________

                                 A BILL


 
To protect our Social Security system and improve benefits for current 
                        and future generations.

    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 ``Social Security 2100 Act''.

SEC. 2. TABLE OF CONTENTS.

    The table of contents for this Act is as follows:

Sec. 1. Short title.
Sec. 2. Table of contents.
                    TITLE I--STRENGTHENING BENEFITS

Sec. 101. Across-the-board benefit increase.
Sec. 102. More accurate cost-of-living adjustment for Social Security 
                            beneficiaries.
Sec. 103. Increase in minimum benefit for lifetime low earners based on 
                            years in the workforce.
Sec. 104. Increase in threshold amounts and rate for inclusion of 
                            Social Security benefits in income.
Sec. 105. Holding SSI, Medicaid, and CHIP beneficiaries harmless.
                 TITLE II--STRENGTHENING THE TRUST FUND

Sec. 201. Determination of wages and self-employment income above 
                            contribution and benefit base after 2018.
Sec. 202. Inclusion of earnings over $400,000 in Social Security 
                            benefit formula.
Sec. 203. Adjustment to the Social Security insurance contribution.
Sec. 204. Social Security Trust Fund established.

                    TITLE I--STRENGTHENING BENEFITS

SEC. 101. ACROSS-THE-BOARD BENEFIT INCREASE.

    (a) In General.--Section 215(a)(1)(A)(i) of the Social Security Act 
(42 U.S.C. 415(a)(1)(A)(i)) is amended by striking ``90 percent'' and 
inserting ``93 percent''.
    (b) Effective Date.--
            (1) In general.--The amendment made by subsection (a) shall 
        apply with respect to monthly insurance benefits payable for 
        any month after December 2018.
            (2) Recomputation of primary insurance amounts.--
        Notwithstanding section 215(f) of the Social Security Act (42 
        U.S.C. 415(f)), the Commissioner of Social Security shall 
        recompute primary insurance amounts originally computed for 
        months prior to January 2019 to the extent necessary to carry 
        out the amendments made by this section.

SEC. 102. MORE ACCURATE COST-OF-LIVING ADJUSTMENT FOR SOCIAL SECURITY 
              BENEFICIARIES.

    (a) In General.--Section 215(i)(1) of the Social Security Act (42 
U.S.C. 415(i)(1)) is amended by adding at the end the following new 
subparagraph:
            ``(H) the term `Consumer Price Index' means the Consumer 
        Price Index for Elderly Consumers (CPI-E, as published by the 
        Bureau of Labor Statistics of the Department of Labor).''.
    (b) Application to Pre-1979 Law.--
            (1) In general.--Section 215(i)(1) of the Social Security 
        Act as in effect in December 1978, and as applied in certain 
        cases under the provisions of such Act as in effect after 
        December 1978, is amended by adding at the end the following 
        new subparagraph:
            ``(D) the term `Consumer Price Index' means the Consumer 
        Price Index for Elderly Consumers (CPI-E, as published by the 
        Bureau of Labor Statistics of the Department of Labor).''.
            (2) Conforming change.--Section 215(i)(4) of the Social 
        Security Act (42 U.S.C. 415(i)(4)) is amended by inserting 
        ``and by section 102 of the Social Security 2100 Act'' after 
        ``1986''.
    (c) No Effect on Adjustments Under Other Laws.--Section 215(i) of 
the Social Security Act (42 U.S.C. 415(i)) is amended by adding at the 
end the following:
    ``(6) Any provision of law (other than in this title, title VIII, 
or title XVI) which provides for adjustment of an amount based on a 
change in benefit amounts resulting from a determination made under 
this subsection shall be applied and administered without regard to the 
amendments made by subsections (a) and (b) of section 102 of the Social 
Security 2100 Act.''.
    (d) Publication of Consumer Price Index for Elderly Consumers.--The 
Bureau of Labor Statistics of the Department of Labor shall prepare and 
publish an index for each calendar month to be known as the ``Consumer 
Price Index for Elderly Consumers'' that indicates changes over time in 
expenditures for consumption which are typical for individuals in the 
United States who have attained age 62.
    (e) Effective Date.--The amendments made by this section shall 
apply to determinations made with respect to cost-of-living computation 
quarters (as defined in section 215(i)(1)(B) of the Social Security Act 
(42 U.S.C. 415(i)(1)(B))) ending on or after September 30 of the second 
calendar year following the calendar year in which this Act is enacted.

SEC. 103. INCREASE IN MINIMUM BENEFIT FOR LIFETIME LOW EARNERS BASED ON 
              YEARS IN THE WORKFORCE.

    (a) In General.--Section 215(a)(1) of the Social Security Act (42 
U.S.C. 415(a)(1)) is amended--
            (1) by redesignating subparagraph (D) as subparagraph (E); 
        and
            (2) by inserting after subparagraph (C) the following new 
        subparagraph:
    ``(D)(i) Effective with respect to the benefits of individuals who 
become eligible for old-age insurance benefits or disability insurance 
benefits (or die before becoming so eligible) after 2018, no primary 
insurance amount computed under subparagraph (A) may be less than the 
greater of--
            ``(I) the minimum monthly amount computed under 
        subparagraph (C); or
            ``(II) in the case of an individual who has more than 10 
        years of work (as defined in clause (iv)(I)), the alternative 
        minimum amount determined under clause (ii).
    ``(ii)(I) The alternative minimum amount determined under this 
clause is the applicable percentage of \1/12\ of the annual dollar 
amount determined under clause (iii) for the year in which the amount 
is determined.
    ``(II) For purposes of subclause (I), the applicable percentage is 
the percentage specified in connection with the number of years of 
work, as set forth in the following table:

``If the number of years                                 The applicable
   of work is:                                           percentage is:
        11...........................................     6.25 percent 
        12...........................................    12.50 percent 
        13...........................................    18.75 percent 
        14...........................................    25.00 percent 
        15...........................................    31.25 percent 
        16...........................................    37.50 percent 
        17...........................................    43.75 percent 
        18...........................................    50.00 percent 
        19...........................................    56.25 percent 
        20...........................................    62.50 percent 
        21...........................................    68.75 percent 
        22...........................................    75.00 percent 
        23...........................................    81.25 percent 
        24...........................................    87.50 percent 
        25...........................................    93.75 percent 
        26...........................................   100.00 percent 
        27...........................................   106.25 percent 
        28...........................................   112.50 percent 
        29...........................................   118.75 percent 
        30 or more...................................   125.00 percent.

    ``(iii) The annual dollar amount determined under this clause is--
            ``(I) for calendar year 2019, the poverty guideline for 
        2018; and
            ``(II) for any calendar year after 2019, the annual dollar 
        amount for 2018 multiplied by the ratio of--
                    ``(aa) the national average wage index (as defined 
                in section 209(k)(1)) for the second calendar year 
                preceding the calendar year for which the determination 
                is made, to
                    ``(bb) the national average wage index (as so 
                defined) for 2016.
    ``(iv) For purposes of this subparagraph--
            ``(I) the term `year of work' means, with respect to an 
        individual, a year to which 4 quarters of coverage have been 
        credited based on such individual's wages and self-employment 
        income; and
            ``(II) the term `poverty guideline for 2018' means the 
        annual poverty guideline for 2018 (as updated annually in the 
        Federal Register by the Department of Health and Human Services 
        under the authority of section 673(2) of the Omnibus Budget 
        Reconciliation Act of 1981) as applicable to a single 
        individual.''.
    (b) Recomputation.--Notwithstanding section 215(f)(1) of the Social 
Security Act, the Commissioner of Social Security shall recompute 
primary insurance amounts originally computed for months prior to 
November 2018 to the extent necessary to carry out the amendments made 
by this section.
    (c) Conforming Amendment.--Section 209(k)(1) of such Act (42 U.S.C. 
409(k)(1)) is amended by inserting ``215(a)(1)(E),'' after 
``215(a)(1)(D),''.

SEC. 104. INCREASE IN THRESHOLD AMOUNTS AND RATE FOR INCLUSION OF 
              SOCIAL SECURITY BENEFITS IN INCOME.

    (a) In General.--Subsection (a) of section 86 of the Internal 
Revenue Code of 1986 is amended to read as follows:
    ``(a) In General.--Gross income for the taxable year of any 
taxpayer described in subsection (b) (notwithstanding section 207 of 
the Social Security Act) includes Social Security benefits in an amount 
equal to the lesser of--
            ``(1) 85 percent of the Social Security benefits received 
        during the taxable year, or
            ``(2) one-half of the excess described in subsection 
        (b)(1).''.
    (b) Base Amount.--Subsection (c) of section 86 of such Code is 
amended to read as follows:
    ``(c) Base Amount.--For purposes of this section, the term `base 
amount' means--
            ``(1) except as otherwise provided in this paragraph, 
        $50,000,
            ``(2) $100,000 in the case of a joint return, and
            ``(3) zero in the case of a taxpayer who--
                    ``(A) is married as of the close of the taxable 
                year (within the meaning of section 7703) but does not 
                file a joint return for such year, and
                    ``(B) does not live apart from his spouse at all 
                times during the taxable year.''.
    (c) Hospital Insurance Trust Fund Held Harmless.--Section 121(e)(1) 
of the Social Security Amendments of 1986 (42 U.S.C. 401 note) is 
amended by adding at the end the following new subparagraph:
            ``(C) The amounts appropriated to the hospital insurance 
        trust fund by subparagraph (B) shall be determined, and 
        transferred from the general fund, at such times and in such 
        manner so as to replicate, to the extent possible, the 
        appropriations and transfers which would have occurred with 
        respect to such trust fund had subsections (a) and (b) of 
        section 104 of the Social Security 2100 Act not been 
        enacted.''.
    (d) Effective Date.--The amendments made by this section shall 
apply to taxable years beginning after December 31, 2018.

SEC. 105. HOLDING SSI, MEDICAID, AND CHIP BENEFICIARIES HARMLESS.

    For purposes of determining the income of an individual to 
establish eligibility for, and the amount of, benefits payable under 
title XVI of the Social Security Act, eligibility for medical 
assistance under the State plan under title XIX (or a waiver of such 
plan), or eligibility for child health assistance under the State child 
health plan under title XXI (or a waiver of the plan), the amount of 
any benefit to which the individual is entitled under title II of such 
Act shall be deemed not to exceed the amount of the benefit that would 
be determined for such individual under such title as in effect on the 
day before the date of the enactment of this Act.

                 TITLE II--STRENGTHENING THE TRUST FUND

SEC. 201. DETERMINATION OF WAGES AND SELF-EMPLOYMENT INCOME ABOVE 
              CONTRIBUTION AND BENEFIT BASE AFTER 2018.

    (a) Determination of Wages Above Contribution and Benefit Base 
After 2018.--
            (1) Amendments to the internal revenue code.--
                    (A) In general.--Paragraph (1) of section 3121(a) 
                of the Internal Revenue Code of 1986 is amended by 
                inserting after ``such calendar year.'' the following: 
                ``The preceding sentence shall apply only to calendar 
                years for which the contribution and benefit base (as 
                so determined) is less than $400,000, and, for such 
                calendar years, only to the extent remuneration paid to 
                such employee by such employer with respect to 
                employment does not exceed $400,000.''.
                    (B) Conforming amendment.--Paragraph (1) of section 
                3121(a) of the Internal Revenue Code of 1986 is amended 
                by striking ``Act) to'' and inserting ``Act), or in 
                excess of $400,000, to''.
            (2) Amendment to the social security act.--Section 
        209(a)(1)(I) of the Social Security Act (42 U.S.C. 
        409(a)(1)(I)) is amended by inserting before the semicolon at 
        the end the following: ``except that this subparagraph shall 
        apply only to calendar years for which the contribution and 
        benefit base (as so determined) is less than $400,000, and, for 
        such calendar years, only to the extent remuneration paid to 
        such employee by such employer with respect to employment does 
        not exceed $400,000''.
            (3) Effective date.--The amendments made by this subsection 
        shall apply with respect to remuneration paid in calendar years 
        after 2018.
    (b) Determination of Self-Employment Income Above Contribution and 
Benefit Base After 2018.--
            (1) Amendments to the internal revenue code.--
                    (A) In general.--Paragraph (1) of section 1402(b) 
                of the Internal Revenue Code of 1986 is amended to read 
                as follows:
            ``(1) in the case of the tax imposed by section 1401(a), an 
        amount equal to--
                    ``(A) $400,000, reduced (but not below zero) by
                    ``(B) the sum of--
                            ``(i) the part of the net earnings from 
                        self-employment (if any) which is not in excess 
                        of--
                                    ``(I) the amount equal to the 
                                contribution and benefit base (as 
                                determined under section 230 of the 
                                Social Security Act) which is effective 
                                for the calendar year in which such 
                                taxable year begins, minus
                                    ``(II) the amount of the wages paid 
                                to such individual during such taxable 
                                year, plus
                            ``(ii) the amount of the wages paid to such 
                        individual during such taxable year which is in 
                        excess of the amount in clause (i)(I); or''.
                    (B) Phaseout.--Subsection (b) of section 1402 of 
                the Internal Revenue Code of 1986 is amended by adding 
                at the end the following: ``Paragraph (1) shall apply 
                only to taxable years beginning in calendar years for 
                which the contribution and benefit base (as determined 
                under section 230 of the Social Security Act) is less 
                than $400,000.''.
            (2) Amendments to the social security act.--
                    (A) In general.--Section 211(b)(1) of the Social 
                Security Act (42 U.S.C. 411(b)) is amended--
                            (i) in subparagraph (I)--
                                    (I) by inserting ``and before 
                                2019'' after ``1974''; and
                                    (II) by striking ``or'' at the end; 
                                and
                            (ii) by adding at the end the following:
                    ``(J) For any taxable year beginning in any 
                calendar year after 2018, an amount equal to--
                            ``(i) $400,000, reduced (but not below 
                        zero) by
                            ``(ii) the sum of--
                                    ``(I) the part of the net earnings 
                                from self-employment (if any) which is 
                                not in excess of--
                                            ``(aa) the amount equal to 
                                        the contribution and benefit 
                                        base (as determined under 
                                        section 230) which is effective 
                                        for the calendar year in which 
                                        such taxable year begins, minus
                                            ``(bb) the amount of the 
                                        wages paid to such individual 
                                        during such taxable year, plus
                                    ``(II) the amount of the wages paid 
                                to such individual during such taxable 
                                year which is in excess of the amount 
                                in subclause (I)(aa); or''.
                    (B) Phaseout.--Section 211(b) of the Social 
                Security Act (42 U.S.C. 411(b)) is amended by adding at 
                the end the following: ``Paragraph (1) shall apply only 
                to taxable years beginning in calendar years for which 
                the contribution and benefit base (as determined under 
                section 230) is less than $400,000.''.
            (3) Effective date.--The amendments made by this subsection 
        shall apply to net earnings from self-employment derived, and 
        remuneration paid, in calendar years after 2018.

SEC. 202. INCLUSION OF EARNINGS OVER $400,000 IN SOCIAL SECURITY 
              BENEFIT FORMULA.

    (a) Inclusion of Earnings Over $400,000 in Determination of Primary 
Insurance Amounts.--Section 215(a)(1)(A) of the Social Security Act (42 
U.S.C. 415(a)(1)(A)) is amended--
            (1) in clause (ii), by striking ``and'' at the end;
            (2) in clause (iii), by inserting ``and'' at the end; and
            (3) by inserting after clause (iii) the following:
            ``(iv) 2 percent of the individual's excess average indexed 
        monthly earnings (as defined in subsection (b)(5)(A)).''.
    (b) Definition of Excess Average Indexed Monthly Earnings.--Section 
215(b) of the Social Security Act (42 U.S.C. 415(b)) is amended--
            (1) by striking ``wages'' and ``self-employment income'' 
        each place such terms appear and inserting ``basic wages'' and 
        ``basic self-employment income'', respectively; and
            (2) by adding at the end the following:
    ``(5)(A) An individual's excess average indexed monthly earnings 
shall be equal to the amount of the individual's average indexed 
monthly earnings that would be determined under this subsection by 
substituting `excess wages' for `basic wages' and `excess self-
employment income' for `basic self-employment income' each place such 
terms appear in this subsection (except in this paragraph).
    ``(B) For purposes of this subsection--
            ``(i) the term `basic wages' means that portion of the 
        wages of an individual paid in a year that does not exceed the 
        contribution and benefit base for the year;
            ``(ii) the term `basic self-employment income' means that 
        portion of the self-employment income of an individual credited 
        to a year that does not exceed an amount equal to the 
        contribution and benefit base for the year minus the amount of 
        the wages paid to the individual in the year;
            ``(iii) the term `excess wages' means that portion of the 
        wages of an individual paid in a year after 2018 in excess of 
        the higher of $400,000 or the contribution and benefit base for 
        the year; and
            ``(iv) the term `excess self-employment income' means that 
        portion of the self-employment income of an individual credited 
        to a year after 2018 in excess of the higher of $400,000 or 
        such contribution and benefit base.''.
    (c) Conforming Amendment.--Section 215(e)(1) of the Social Security 
Act (42 U.S.C. 415(e)(1)) is amended by inserting ``and before 2019'' 
after ``after 1974''.
    (d) Effective Date.--The amendments made by this section shall 
apply with respect to individuals who initially become eligible (within 
the meaning of section 215(a)(3)(B) of the Social Security Act) for 
old-age or disability insurance benefits under title II of the Social 
Security Act, or who die (before becoming eligible for such benefits), 
in any calendar year after 2018.

SEC. 203. ADJUSTMENT TO THE SOCIAL SECURITY INSURANCE CONTRIBUTION.

    (a) Tax on Employees.--Subsection (a) of section 3101 of the 
Internal Revenue Code of 1986 is amended to read as follows:
    ``(a) Old-Age, Survivors, and Disability Insurance.--In addition to 
other taxes, there is hereby imposed on the income of every individual 
a tax equal to the following percentages of the wages (as defined in 
section 3121(a)) received by the individual with respect to employment 
(as defined in section 3121(b)):

``In cases of wages                                     The rate of tax
  received during:                                            shall be:
        1990 or any calendar year before 2020........     6.20 percent 
        2020.........................................     6.25 percent 
        2021.........................................     6.30 percent 
        2022.........................................     6.35 percent 
        2023.........................................     6.40 percent 
        2024.........................................     6.45 percent 
        2025.........................................     6.50 percent 
        2026.........................................     6.55 percent 
        2027.........................................     6.60 percent 
        2028.........................................     6.65 percent 
        2029.........................................     6.70 percent 
        2030.........................................     6.75 percent 
        2031.........................................     6.80 percent 
        2032.........................................     6.85 percent 
        2033.........................................     6.90 percent 
        2034.........................................     6.95 percent 
        2035.........................................     7.00 percent 
        2036.........................................     7.05 percent 
        2037.........................................     7.10 percent 
        2038.........................................     7.15 percent 
        2039.........................................     7.20 percent 
        2040.........................................     7.25 percent 
        2041.........................................     7.30 percent 
        2042.........................................     7.35 percent 
        Any calendar year after 2042.................  7.40 percent.''.

    (b) Tax on Employers.--Subsection (a) of section 3111 of the 
Internal Revenue Code of 1986 is amended to read as follows:
    ``(a) Old-Age, Survivors, and Disability Insurance.--In addition to 
other taxes, there is hereby imposed on every employer an excise tax, 
with respect to having individuals in his employ, equal to the 
following percentages of the wages (as defined in section 3121(a)) paid 
by the employer with respect to employment (as defined in section 
3121(b)):

``In cases of wages                                     The rate of tax
  received during:                                            shall be:
        1990 or any calendar year before 2020........     6.20 percent 
        2020.........................................     6.25 percent 
        2021.........................................     6.30 percent 
        2022.........................................     6.35 percent 
        2023.........................................     6.40 percent 
        2024.........................................     6.45 percent 
        2025.........................................     6.50 percent 
        2026.........................................     6.55 percent 
        2027.........................................     6.60 percent 
        2028.........................................     6.65 percent 
        2029.........................................     6.70 percent 
        2030.........................................     6.75 percent 
        2031.........................................     6.80 percent 
        2032.........................................     6.85 percent 
        2033.........................................     6.90 percent 
        2034.........................................     6.95 percent 
        2035.........................................     7.00 percent 
        2036.........................................     7.05 percent 
        2037.........................................     7.10 percent 
        2038.........................................     7.15 percent 
        2039.........................................     7.20 percent 
        2040.........................................     7.25 percent 
        2041.........................................     7.30 percent 
        2042.........................................     7.35 percent 
        Any calendar year after 2042.................  7.40 percent.''.

    (c) Self-Employment Income.--Subsection (a) of section 1401 of the 
Internal Revenue Code of 1986 is amended to read as follows:
    ``(a) Old-Age, Survivors, and Disability Insurance.--In addition to 
other taxes, there shall be imposed for each taxable year, on the self-
employment income of every individual, a tax equal to the following 
percentages of the amount of the self-employment income for such 
taxable year:

``In cases of wages                                     The rate of tax
  received during:                                            shall be:
        1990 or any calendar year before 2020........    12.40 percent 
        2020.........................................    12.50 percent 
        2021.........................................    12.60 percent 
        2022.........................................    12.70 percent 
        2023.........................................    12.80 percent 
        2024.........................................    12.90 percent 
        2025.........................................    13.00 percent 
        2026.........................................    13.10 percent 
        2027.........................................    13.20 percent 
        2028.........................................    13.30 percent 
        2029.........................................    13.40 percent 
        2030.........................................    13.50 percent 
        2031.........................................    13.60 percent 
        2032.........................................    13.70 percent 
        2033.........................................    13.80 percent 
        2034.........................................    13.90 percent 
        2035.........................................    14.00 percent 
        2036.........................................    14.10 percent 
        2037.........................................    14.20 percent 
        2038.........................................    14.30 percent 
        2039.........................................    14.40 percent 
        2040.........................................    14.50 percent 
        2041.........................................    14.60 percent 
        2042.........................................    14.70 percent 
        Any calendar year after 2042................. 14.80 percent.''.

    (d) Effective Date.--The amendments made by this section shall 
apply to remuneration received, and taxable years beginning, after 
December 31, 2018.

SEC. 204. SOCIAL SECURITY TRUST FUND ESTABLISHED.

    (a) In General.--Section 201(a) of the Social Security Act (42 
U.S.C. 401(a)) is amended to read as follows:
    ``(a) There is hereby created on the books of the Treasury of the 
United States a trust fund to be known as the `Social Security Trust 
Fund'. The Social Security Trust Fund shall consist of the securities 
held by the Secretary of the Treasury for the Federal Old-Age and 
Survivors Insurance Trust Fund and the Federal Disability Insurance 
Trust Fund and the amount standing to the credit of the Federal Old-Age 
and Survivors Insurance Trust Fund and the Federal Disability Insurance 
Trust Fund on the books of the Treasury on January 1 of the first 
calendar year beginning after the date of the enactment of section 204 
of the Social Security 2100 Act, which securities and amount the 
Secretary of the Treasury is authorized and directed to transfer to the 
Social Security Trust Fund, and, in addition, such gifts and bequests 
as may be made as provided in subsection (i)(1), and such amounts as 
may be appropriated to, or deposited in, the Social Security Trust Fund 
as hereinafter provided. There is hereby appropriated to the Social 
Security Trust Fund for the first fiscal year that begins after date of 
the enactment of section 204 of the Social Security 2100 Act, and for 
each fiscal year thereafter, out of any moneys in the Treasury not 
otherwise appropriated, amounts equivalent to 100 percent of--
            ``(1) the taxes imposed by chapter 21 (other than sections 
        3101(b) and 3111(b)) of the Internal Revenue Code of 1986 with 
        respect to wages (as defined in section 3121 of such Code) 
        reported to the Secretary of the Treasury pursuant to subtitle 
        F of the Internal Revenue Code of 1986, as determined by the 
        Secretary of the Treasury by applying the applicable rates of 
        tax under such chapter (other than sections 3101(b) and 
        3111(b)) to such wages, which wages shall be certified by the 
        Commissioner of Social Security on the basis of the records of 
        wages established and maintained by such Commissioner in 
        accordance with such reports; and
            ``(2) the taxes imposed by chapter 2 (other than section 
        1401(b)) of the Internal Revenue Code of 1986 with respect to 
        self-employment income (as defined in section 1402 of such 
        Code) reported to the Secretary of the Treasury on tax returns 
        under subtitle F of such Code, as determined by the Secretary 
        of the Treasury by applying the applicable rate of tax under 
        such chapter (other than section 1401(b)) to such self-
        employment income, which self-employment income shall be 
        certified by the Commissioner of Social Security on the basis 
        of the records of self-employment income established and 
        maintained by the Commissioner of Social Security in accordance 
        with such returns.
The amounts appropriated by paragraphs (1) and (2) shall be transferred 
from time to time from the general fund in the Treasury to the Social 
Security Trust Fund, such amounts to be determined on the basis of 
estimates by the Secretary of the Treasury of the taxes, specified in 
paragraphs (1) and (2), paid to or deposited into the Treasury; and 
proper adjustments shall be made in amounts subsequently transferred to 
the extent prior estimates were in excess of or were less than the 
taxes specified in such paragraphs (1) and (2). All amounts transferred 
to the Social Security Trust Fund under the preceding sentence shall be 
invested by the Managing Trustee in the same manner and to the same 
extent as the other assets of the Trust Fund. Notwithstanding the 
preceding sentence, in any case in which the Secretary of the Treasury 
determines that the assets of the Trust Fund would otherwise be 
inadequate to meet the Trust Fund's obligations for any month, the 
Secretary of the Treasury shall transfer to the Trust Fund on the first 
day of such month the total amount which would have been transferred to 
the Trust Fund under this section as in effect on October 1, 1990; and 
the Trust Fund shall pay interest to the general fund on the amount so 
transferred on the first day of any month at a rate (calculated on a 
daily basis, and applied against the difference between the amount so 
transferred on such first day and the amount which would have been 
transferred to the Trust Fund up to that day under the procedures in 
effect on January 1, 1983) equal to the rate earned by the investments 
of the Trust Fund in the same month under subsection (d).''.
    (b) Required Actuarial Analysis.--Section 201(c) of the Social 
Security Act is amended by striking the fourth sentence in the matter 
following paragraph (5) and inserting the following: ``Such report 
shall also include actuarial analysis of the benefit cost with respect 
to disabled beneficiaries and their auxiliaries, to retired 
beneficiaries and their auxiliaries, and to survivor beneficiaries.''.
    (c) Board of Trustees.--
            (1) Board of trustees of social security trust fund.--
        Section 201(c) of the Social Security Act, as amended by 
        subsection (b) of this section, is further amended in the 
        matter preceding paragraph (1) by striking ``the Federal Old-
        Age and Survivors Insurance Trust Fund and the Federal 
        Disability Insurance Trust Fund (hereinafter in this title 
        called the `Trust Funds')'' and inserting ``the Social Security 
        Trust Fund (in this title referred to as the `Trust Fund')''.
            (2) Continuity of board of trustees.--The Board of Trustees 
        of the Social Security Trust Fund created by the amendment made 
        by subsection (a) shall be a continuous body with the Board of 
        Trustees of the Federal Old-Age and Survivors Insurance Trust 
        Fund and the Federal Disability Insurance Trust Fund in 
        operation prior to the effective date of such amendment. 
        Individuals serving as members of the Board of Trustees of the 
        Federal Old-Age and Survivors Insurance Trust Fund and the 
        Federal Disability Insurance Trust Fund as of the effective 
        date of such amendment shall serve the remainder of their term 
        as members of the Board of Trustees of the Social Security 
        Trust Fund.
    (d) Conforming Amendments Related to Social Security Trust Fund.--
            (1) Amendment to section heading.--The section heading for 
        section 201 of the Social Security Act is amended to read as 
        follows: ``social security trust fund''.
            (2) Board of trustees.--Section 201(c) of such Act, as 
        amended by subsections (b) and (c)(1), is further amended--
                    (A) in the matter preceding paragraph (1), by 
                striking ``Board of Trustees of the Trust Funds'' and 
                inserting ``Board of Trustees of the Trust Fund'';
                    (B) in paragraph (1), by striking ``Trust Funds'' 
                and inserting ``Trust Fund'';
                    (C) in paragraph (2)--
                            (i) by striking ``Trust Funds'' and 
                        inserting ``Trust Fund''; and
                            (ii) by striking ``their'' and inserting 
                        ``its'';
                    (D) in paragraph (3), by striking ``either of the 
                Trust Funds'' and inserting ``the Trust Fund'';
                    (E) in paragraph (5)--
                            (i) by striking ``managing the Trust 
                        Funds'' and inserting ``managing the Trust 
                        Fund''; and
                            (ii) by striking ``Trust Funds are'' and 
                        inserting ``Trust Fund is'';
                    (F) in the matter following paragraph (5), by 
                striking ``Trust Funds'' each place it appears and 
                inserting ``Trust Fund''; and
                    (G) in the second sentence in the matter following 
                paragraph (5), by striking ``whether the Federal Old-
                Age and Survivors Insurance Trust Fund and the Federal 
                Disability Insurance Trust Fund, individually and 
                collectively, are'' and inserting ``whether the Social 
                Security Trust Fund is''.
            (3) Investments.--Section 201 of such Act is amended in 
        subsections (d) and (e) by striking ``Trust Funds'' each place 
        it appears and inserting ``Trust Fund''.
            (4) Crediting of interest and proceeds to trust funds.--
        Section 201(f) of such Act is amended--
                    (A) by striking ``the Federal Old-Age and Survivors 
                Insurance Trust Fund and the Federal Disability 
                Insurance Trust Fund shall be credited to and form a 
                part of the Federal Old-Age and Survivors Insurance 
                Trust Fund and the Disability Insurance Trust Fund, 
                respectively'' and inserting ``the Social Security 
                Trust Fund shall be credited to and form a part of the 
                Social Security Trust Fund'';
                    (B) by striking ``either of the Trust Funds'' and 
                inserting ``the Trust Fund''; and
                    (C) by striking ``such Trust Fund'' and inserting 
                ``the Trust Fund''.
            (5) Administrative costs.--Section 201(g) of such Act is 
        amended--
                    (A) in paragraph (1)--
                            (i) in subparagraph (A), by striking ``Of 
                        the amounts authorized to be made available out 
                        of the Federal Old-Age and Survivors Insurance 
                        Trust Fund and the Federal Disability Insurance 
                        Trust Fund under the preceding sentence'' and 
                        all that follows through ``(Public Law 103-
                        296).'';
                            (ii) in subparagraph (B)(i)--
                                    (I) by striking subclauses (II) and 
                                (III) and inserting the following:
                    ``(II) the portion of such costs which should have 
                been borne by the Social Security Trust Fund,''; and
                                    (II) by redesignating subclauses 
                                (IV) and (V) as subclauses (III) and 
                                (IV);
                    (B) in paragraph (2)--
                            (i) by striking ``Trust Funds'' and 
                        inserting ``Trust Fund''; and
                            (ii) by striking the last sentence; and
                    (C) in paragraph (4), by striking ``Trust Funds'' 
                each place it appears and inserting ``Trust Fund''.
            (6) Benefit payments.--Section 201(h) of such Act is 
        amended to read as follows:
    ``(h) All benefit payments required to be made under this title 
shall be made only from the Social Security Trust Fund.''.
            (7) Gifts.--Section 201(i) of such Act is amended--
                    (A) in paragraph (1), by striking ``the Federal 
                Old-Age and Survivors Insurance Trust Fund, the Federal 
                Disability Insurance Trust Fund'' and inserting ``the 
                Social Security Trust Fund''; and
                    (B) in paragraph (2)(B), by striking ``the Federal 
                Old-Age and Survivors Insurance Trust Fund'' and 
                inserting ``the Social Security Trust Fund''.
            (8) Travel expenses.--Section 201(j) of such Act is amended 
        by striking ``the Federal Old-Age and Survivors Insurance Trust 
        Fund, or the Federal Disability Insurance Trust Fund (as 
        determined appropriate by the Commissioner of Social 
        Security)'' and inserting ``the Social Security Trust Fund''.
            (9) Demonstration projects.--Section 201(k) of such Act is 
        amended by striking ``the Federal Disability Insurance Trust 
        Fund and the Federal Old-Age and Survivors Insurance Trust 
        Fund, as determined appropriate by the Commissioner of Social 
        Security'' and inserting ``the Social Security Trust Fund''.
            (10) Benefit checks.--Section 201(m) of such Act is 
        amended--
                    (A) in paragraph (2), by striking ``each of the 
                Trust Funds'' and inserting ``the Social Security Trust 
                Fund'';
                    (B) in paragraph (3), by striking ``one of the 
                Trust Funds'' and inserting ``the Trust Fund''; and
                    (C) by striking ``such Trust Fund'' each place it 
                appears and inserting ``the Trust Fund''.
            (11) Conforming repeals.--
                    (A) In general.--Section 201 of such Act is amended 
                by striking subsections (b), (l), and (n).
                    (B) Redesignations.--Section 201 of such Act is 
                further amended--
                            (i) by redesignating subsections (c) 
                        through (j) as subsections (b) through (i), 
                        respectively;
                            (ii) by redesignating subsection (k) as 
                        subsection (j); and
                            (iii) by redesignating subsection (m) as 
                        subsection (k).
                    (C) References to redesignated sections.--
                            (i) Section 201(a) of such Act, as amended 
                        by subsection (a) of this section, is further 
                        amended--
                                    (I) by striking ``subsection 
                                (i)(1)'' and inserting ``subsection 
                                (h)(1)''; and
                                    (II) by striking ``subsection (d)'' 
                                and inserting ``subsection (c)''.
                            (ii) Section 1131(b)(1) of such Act is 
                        amended by striking ``section 201(g)(1)'' and 
                        inserting ``section 201(f)(1)''.
    (e) Other Conforming Amendments to Social Security Act.--
            (1) Title ii.--Title II of the Social Security Act (42 
        U.S.C. 401 et seq.) is amended--
                    (A) in section 202(x)(3)(B)(iii), by striking ``the 
                Federal Old-Age and Survivors Insurance Trust Fund and 
                the Federal Disability Insurance Trust Fund, as 
                appropriate,'' and inserting ``the Social Security 
                Trust Fund'';
                    (B) in section 206(d)(5), by striking ``the Federal 
                Old-Age and Survivors Insurance Trust Fund and the 
                Federal Disability Insurance Trust Fund, as 
                appropriate'' and inserting ``the Social Security Trust 
                Fund'';
                    (C) in section 206(e)(3)(B), by striking ``the 
                Federal Old-Age and Survivors Insurance Trust Fund and 
                the Federal Disability Insurance Trust Fund'' and 
                inserting ``the Social Security Trust Fund'';
                    (D) in section 208(b)(5)(A), by striking ``the 
                Federal Old-Age and Survivors Insurance Trust Fund and 
                the Federal Disability Insurance Trust Fund, as 
                appropriate'' and inserting ``the Social Security Trust 
                Fund'';
                    (E) in section 215(i)(1)(F)--
                            (i) in clause (i)--
                                    (I) by striking ``the combined 
                                balance in the Federal Old-Age and 
                                Survivors Insurance Trust Fund and the 
                                Federal Disability Insurance Trust 
                                Fund'' and inserting ``the balance in 
                                the Social Security Trust Fund''; and
                                    (II) by striking ``and reduced by 
                                the outstanding amount of any loan 
                                (including interest thereon) 
                                theretofore made to either such Fund 
                                from the Federal Hospital Insurance 
                                Trust Fund under section 201(l)''; and
                            (ii) in clause (ii)--
                                    (I) by striking ``the Federal Old-
                                Age and Survivors Insurance Trust Fund 
                                and the Federal Disability Insurance 
                                Trust Fund'' and inserting ``the Social 
                                Security Trust Fund''; and
                                    (II) by striking ``(other than 
                                payments'' and all that follows through 
                                ``from that Account'';
                    (F) in section 217(g)(2), by inserting after the 
                first sentence the following: ``For purposes of any 
                such revision of the amount determined under paragraph 
                (1) that occurs in a year after 2015, any reference in 
                such paragraph to the Federal Old-Age and Survivors 
                Insurance Trust Fund or the Federal Disability 
                Insurance Trust Fund shall be deemed to be a reference 
                to the Social Security Trust Fund.'';
                    (G) in section 221(e)--
                            (i) by striking ``Trust Funds'' each place 
                        it appears and inserting ``Trust Fund''; and
                            (ii) by striking the last sentence;
                    (H) in section 221(f), by striking ``Trust Funds'' 
                and inserting ``Trust Fund'';
                    (I) in section 222(d)--
                            (i) in the section heading, by striking 
                        ``Trust Funds'' and inserting ``Trust Fund'';
                            (ii) in paragraph (1), by striking ``to the 
                        end that savings will accrue to the Trust Funds 
                        as a result of rehabilitating such individuals, 
                        there are authorized to be transferred from the 
                        Federal Old-Age and Survivors Insurance Trust 
                        Fund and the Federal Disability Insurance Trust 
                        Fund'' and inserting ``to the end that savings 
                        will accrue to the Trust Fund as a result of 
                        rehabilitating such individuals, there are 
                        authorized to be transferred from the Social 
                        Security Trust Fund''; and
                            (iii) by amending paragraph (4) to read as 
                        follows:
    ``(4) The Commissioner of Social Security shall determine according 
to such methods and procedures as the Commissioner may deem appropriate 
the total amount to be reimbursed for the cost of services under this 
subsection.'';
                    (J) in section 228(g)--
                            (i) in the section heading, by striking 
                        ``Federal Old-Age and Survivors Insurance Trust 
                        Fund'' and inserting ``Social Security Trust 
                        Fund''; and
                            (ii) in the matter preceding paragraph (1), 
                        by striking ``Federal Old-Age and Survivors 
                        Insurance Trust Fund'' and inserting ``Social 
                        Security Trust Fund'';
                    (K) in section 231(c), by striking ``Trust Funds'' 
                each place it appears and inserting ``Trust Fund''; and
                    (L) in section 234(a)(1), by striking ``Trust 
                Funds'' and inserting ``Trust Fund''.
            (2) Title vii.--Title VII of the Social Security Act (42 
        U.S.C. 901 et seq.) is amended--
                    (A) in section 703(j), by striking ``Federal 
                Disability Insurance Trust Fund, the Federal Old-Age 
                and Survivors Insurance Trust Fund,'' and inserting 
                ``Social Security Trust Fund'';
                    (B) in section 708(c), by striking ``the `OASDI 
                trust fund ratio' under section 201(l),'' after 
                ``computing'';
                    (C) in section 709--
                            (i) in subsection (a), by striking 
                        ``Federal Old-Age and Survivors Insurance Trust 
                        Fund and the Federal Disability Insurance Trust 
                        Fund'' and inserting ``Social Security Trust 
                        Fund''; and
                            (ii) in subsection (b)--
                                    (I) in paragraph (1), by striking 
                                ``section 201(l) or''; and
                                    (II) in paragraph (2), by striking 
                                ``Federal Old-Age and Survivors 
                                Insurance Trust Fund and the Federal 
                                Disability Insurance Trust Fund'' and 
                                inserting ``Social Security Trust 
                                Fund''; and
                    (D) in section 710--
                            (i) in subsection (a), by striking 
                        ``Federal Old-Age and Survivors Insurance Trust 
                        Fund and the Federal Disability Insurance Trust 
                        Fund'' and inserting ``Social Security Trust 
                        Fund''; and
                            (ii) in subsection (b)--
                                    (I) by striking ``any Trust Fund 
                                specified in subsection (a)'' and 
                                inserting ``the Social Security Trust 
                                Fund''; and
                                    (II) by striking ``payments from 
                                any such Trust Fund'' and inserting 
                                ``payments from the Social Security 
                                Trust Fund''.
            (3) Title xi.--Title XI of the Social Security Act (42 
        U.S.C. 1301 et seq.) is amended--
                    (A) in section 1106(b), by striking ``the Federal 
                Old-Age and Survivors Insurance Trust Fund, the Federal 
                Disability Insurance Trust Fund'' and inserting ``the 
                Social Security Trust Fund'';
                    (B) in section 1129(e)(2)(A), by striking ``the 
                Federal Old-Age and Survivors Insurance Trust Fund or 
                the Federal Disability Insurance Trust Fund, as 
                determined appropriate by the Secretary'' and inserting 
                ``the Social Security Trust Fund'';
                    (C) in sections 1131(b)(2) and 1140(c)(2), by 
                striking ``the Federal Old-Age and Survivors Insurance 
                Trust Fund'' and inserting ``the Social Security Trust 
                Fund'';
                    (D) in section 1145(c)--
                            (i) by striking paragraphs (1) and (2) and 
                        inserting the following:
            ``(1) the Social Security Trust Fund;''; and
                            (ii) by redesignating paragraphs (3) and 
                        (4) as paragraphs (2) and (3), respectively; 
                        and
                    (E) in section 1148(j)(1)(A)--
                            (i) in the first sentence, by striking 
                        ``the Federal Old-Age and Survivors Insurance 
                        Trust Fund and the Federal Disability Insurance 
                        Trust Fund'' and inserting ``the Social 
                        Security Trust Fund''; and
                            (ii) by striking the second sentence.
            (4) Title xviii.--Title XVIII of the Social Security Act 
        (42 U.S.C. 1395) is amended--
                    (A) in section 1817(g), by striking ``Federal Old-
                Age and Survivors Insurance Trust Fund and from the 
                Federal Disability Insurance Trust Fund'' and inserting 
                ``Social Security Trust Fund'';
                    (B) in section 1840(a)(2), by striking ``Federal 
                Old-Age and Survivors Insurance Trust Fund or the 
                Federal Disability Insurance Trust Fund'' and inserting 
                ``Social Security Trust Fund''; and
                    (C) in section 1841(f), by striking ``Federal Old-
                Age and Survivors Insurance Trust Fund and from the 
                Federal Disability Insurance Trust Fund'' and inserting 
                ``Social Security Trust Fund''.
    (f) Conforming Amendments Outside of Social Security Act.--
            (1) Budget.--
                    (A) Off-budget exemption.--Section 405(a) of the 
                Congressional Budget Act of 1974 (2 U.S.C. 655(a)) is 
                amended by striking ``Federal Old-Age and Survivors 
                Insurance and Federal Disability Insurance Trust 
                Funds'' and inserting ``Social Security Trust Fund''.
                    (B) Sequestration exemption.--Section 255(g)(1)(A) 
                of the Balanced Budget and Emergency Deficit Control 
                Act of 1985 (2 U.S.C. 905(g)(1)(A)) is amended by 
                striking ``Payments to Social Security Trust Funds'' 
                and inserting ``Payments to the Social Security Trust 
                Fund''.
            (2) Tax.--
                    (A) Taxable wages.--Section 3121(l)(4) of the 
                Internal Revenue Code of 1986 is amended by striking 
                ``Federal Old-Age and Survivors Insurance Trust Fund 
                and the Federal Disability Insurance Trust Fund'' and 
                inserting ``Social Security Trust Fund''.
                    (B) Overpayments.--
                            (i) Section 6402(d)(3)(C) of the Internal 
                        Revenue Code of 1986 is amended by striking 
                        ``Federal Old-Age and Survivors Insurance Trust 
                        Fund or the Federal Disability Insurance Trust 
                        Fund, whichever is certified to the Secretary 
                        as appropriate by the Commissioner of Social 
                        Security'' and inserting ``Social Security 
                        Trust Fund''.
                            (ii) Subsection (f)(2)(B) of section 3720A 
                        of title 31, United States Code, is amended by 
                        striking ``Federal Old-Age and Survivors 
                        Insurance Trust Fund or the Federal Disability 
                        Insurance Trust Fund, whichever is certified to 
                        the Secretary of the Treasury as appropriate by 
                        the Commissioner of Social Security'' and 
                        inserting ``Social Security Trust Fund''.
            (3) False claims penalties.--Subsection (g)(2) of section 
        3806 of title 31, United States Code, is amended--
                    (A) in subparagraph (B)--
                            (i) by striking ``Secretary of Health and 
                        Human Services'' and inserting ``Commissioner 
                        of Social Security''; and
                            (ii) by striking ``Federal Old-Age and 
                        Survivors Insurance Trust Fund'' and inserting 
                        ``Social Security Trust Fund''; and
                    (B) in subparagraph (C)--
                            (i) by striking ``Secretary of Health and 
                        Human Services'' and inserting ``Commissioner 
                        of Social Security''; and
                            (ii) by striking ``Federal Disability 
                        Insurance Trust Fund'' and inserting ``Social 
                        Security Trust Fund''.
            (4) Railroad retirement board.--Section 7 of the Railroad 
        Retirement Act of 1974 (45 U.S.C. 231f) is amended--
                    (A) in subsection (b)(2), by striking ``Federal 
                Old-Age and Survivors Insurance Trust Fund and the 
                Federal Disability Insurance Trust Fund'' and inserting 
                ``Social Security Trust Fund'';
                    (B) in subsection (c)(2)--
                            (i) by striking ``Secretary of Health, 
                        Education, and Welfare'' each time it appears 
                        and inserting ``Commissioner of Social 
                        Security''; and
                            (ii) by striking ``Federal Old-Age and 
                        Survivors Insurance Trust Fund, the Federal 
                        Disability Insurance Trust Fund,'' each time it 
                        appears and inserting ``Social Security Trust 
                        Fund''; and
                    (C) in subsection (c)(4), by striking ``Federal 
                Old-Age and Survivors Insurance Trust Fund, the Federal 
                Disability Insurance Trust Fund,'' and inserting 
                ``Social Security Trust Fund''.
    (g) Rule of Construction.--Effective beginning on January 1 of the 
first calendar year beginning after the date of the enactment of this 
section, any reference in law to the ``Federal Old-Age and Survivors 
Insurance Trust Fund'' or the ``Federal Disability Insurance Trust 
Fund'' is deemed to be a reference to the Social Security Trust Fund.
    (h) Effective Date.--The amendments made by this section shall take 
effect on January 1 of the first calendar year beginning after the date 
of the enactment of this section.
                                 <all>