SMART Act of 2007

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.

11/14/2007--Introduced.
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.

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Sponsor

• Rep. Jeff Flake [R, AZ-6]
• and 7 Co-Sponsors
  • Rep. Paul Broun [R, GA-10]
  • Rep. Tom Feeney [R, FL-24]
  • Rep. Luis Fortuno [R, PR-0]
  • Rep. Virginia Foxx [R, NC-5]
  • Rep. Trent Franks [R, AZ-2]
  • Rep. Darrell Issa [R, CA-49]
  • Rep. Sheila Jackson-Lee [D, TX-18]
  close

Committees

• House Energy and Commerce
• 6 more
  • House Energy and Commerce
  • House Ways and Means
  • House Rules
  • House Budget
  • House Education and Labor
  • House Education and Labor
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Amendments

This bill has no amendments.

Amendments to H.R.4181

Number	Status	Purpose

Bill Status

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Introduced		Voted on by House		Voted on by Senate		Considered By President		Bill Becomes Law
November 14, 2007

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All Bill Actions

• Feb 05, 2008: Referred to the Subcommittee on Health, Employment, Labor, and Pensions.
• Nov 15, 2007: Referred to the Subcommittee on Health.
• Nov 14, 2007: Referred to House Rules
• Nov 14, 2007: Referred to House Energy and Commerce
• Nov 14, 2007: Referred to House Budget
• Nov 14, 2007: Referred to House Education and Labor
• Nov 14, 2007: Referred to House Ways and Means
• Nov 14, 2007: 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.
• Introduced on Nov 14, 2007.

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Related Issue Areas:

• Taxation
• Tax penalties
• Tax exemption
• Tax exclusion
• 26 more
• Social security taxes
• Social Security Administration
• Self-employed
• Saving and investment
• Public debt
• Pensions
• Payroll deductions
• Old age, survivors and disability insurance
• Mutual funds
• Medicare
• Medical care
• Labor
• Investments
• Investment of public funds
• Income tax
• Health policy
• Health insurance
• Government trust funds
• Finance
• Executive reorganization
• Executive departments
• Budgets
• Budget surpluses
• Annuities
• Aged
• Social security

Data from the Congressional Research Service

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Blog Coverage

December 14, 2007 Tax cuts 2004

Table 4-4 on page 82 in CBO�s Budget and Economic Outlook The House of Representatives has passed variants on four provisions in President Bush's FY2005 Budget: marriage penalty relief (HR 4181), Jeffrey Rohaly, Urban-Brookings Tax ...

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December 13, 2007 Bonus tax

HR 4181 is intended to make those tax I was interested to read about the vacancy 'Indirect Tax - High Bonus Culture', reference 1275, and would like to be considered as a candidate. ABSTRACT In 1993, Congress passed Internal Revenue ...

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December 08, 2007 THE PATRIOT POST!!!!

THE FOUNDATION. “War is an ugly thing but not the ugliest of things; the decayed and degraded state of moral and patriotic feelings which thinks that nothing is worth war is much worse.” —John Stuart Mill ...

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