Requires a reduction in Federal Old-Age and Survivors Insurance appropriations, according to a certain formula.
Provides for adjustments to primary OASDI insurance amounts of such covered individuals with designated accounts in the IIF.
Amends the Internal Revenue Code to: (1) allow a tax deduction in the case of an electing personal retirement savings account participant in an amount equal to 50 percent (up to $2,000) of the amount the individual contributed during the taxable year to a personal retirement savings account maintained, regardless of whether or not the taxpayer itemizes other deductions; (2) exclude from gross income any amount deposited in a personal retirement savings account; (3) include distributions in gross income as if they were social security benefits; and (4) provide for Program refundable credit.
Amends SSA title II to provide for: (1) transfers of budget surpluses to the Federal Old-Age and Survivors Insurance Trust Fund; (2) revisions in social security benefits, such as a gradual increase in retirement age and early retirement age; and (3) reimbursement of Federal Disability Insurance Trust Fund for certain costs of disability insurance benefits.
Directs the Commissioner of Social Security to study and report to the Congress on the most appropriate and feasible means of providing for individuals to opt out of OASDI coverage.
Amends the Economic Growth and Tax Relief Reconciliation Act of 2001 to make permanent its pension and individual retirement arrangement provisions.
Amends the Internal Revenue Code to provide for accelerated phase-in of scheduled increases in individual retirement account and pension plan contribution limits, and to make changes concerning long-term care insurance contracts and dependent care and other matters affecting seniors.