H.R. 3267 — Introduced in House

I 114th CONGRESS 1st Session H. R. 3267 IN THE HOUSE OF REPRESENTATIVES July 28, 2015 Mr. Williams 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 reduce the rate of payroll and self-employment taxes, and for other purposes. 1. Short title This Act may be cited as the Paycheck Relief Act of 2015. 2. FICA tax rate reductions (a) Old-Age, survivors, and disability insurance Sections 3101(a) and 3111(a) of the Internal Revenue Code of 1986 are each amended— (1) by striking all that follows section 3121(b)) and inserting a period, and (2) by striking the following percentages of the wages and inserting 3.1 percent of the wages. (b) Hospital insurance (1) Employees Section 3101(b) of such Code is amended— (A) by striking 1.45 percent in paragraph (1) and inserting 0.725 percent, and (B) by striking 0.9 percent in paragraph (2) and inserting 0.45 percent. (2) Employers Section 3111(b) of such Code is amended— (A) by striking all that follows section 3121(b)) and inserting a period, and (B) by striking the following percentages of the wages and inserting 0.725 percent of the wages. (c) Effective date The amendments made by this section shall apply remuneration paid after December 31, 2015. 3. Tax on self-employment income (a) Old-Age, survivors, and disability insurance Section 1401(a) of the Internal Revenue Code of 1986 is amended— (1) by striking all that follows for such taxable year and inserting a period, and (2) by striking the following percent and inserting 6.2 percent. (b) Hospital insurance Section 1401(b) of such Code is amended— (1) by striking all that follows for such taxable year in paragraph (1) and inserting a period, (2) by striking the following percent in paragraph (1) and inserting 1.45 percent, and (3) by striking 0.9 percent in paragraph (2)(A) and inserting 0.45. (c) Effective date The amendments made by this section shall apply with respect to remuneration received after December 31, 2015.