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Full Text of this Amendment
At the end of title I, add the following:
SEC. 103. EMPLOYEE PAYROLL TAX RATE CUT.
(a) In General.--For the 6-calendar-month period beginning after the date which is 60 days after the date of the enactment of this Act, the Secretary of the Treasury shall reduce the rate of tax under section 3101(a) of the Internal Revenue Code of 1986 and 50 percent of the rate of tax under section 1401(a) of such Code by such percentage such that the resulting reduction in revenues to the Federal Old-Age and Survivors Insurance Trust Fund is equal to 100 percent of the amounts appropriated
or made available and remaining unobligated under the American Recovery and Reinvestment Act of 2009 (Pub. Law 111-5) as of the date of the enactment of this Act.
(b) Transfers to Federal Old-Age and Survivors Insurance Trust Fund.--There are appropriated to the Federal Old-Age and Survivors Trust Fund and the Federal Disability Insurance Trust Fund established under section 201 of the Social Security Act (42 U.S.C. 401) amounts equal to the reduction in revenues to the Treasury by reason of the application of subsection (a). Amounts appropriated by the preceding sentence shall be transferred from the general fund at such times and in such manner
as to replicate to the extent possible the transfers which would have occurred to such Trust Fund had such amendment not been enacted.
(c) Replenishment of General Fund Through Rescission of Certain Stimulus Funds.--Notwithstanding section 5 of the American Recovery and Reinvestment Act of 2009 (Public Law 111-5; 123 Stat. 116), from the amounts appropriated or made available under division A of such Act (other than under title X of such division A), there is rescinded any remaining unobligated amounts as of the date of the enactment of this Act. The Director of the Office of Management and Budget shall report to each
congressional committee the amounts so rescinded within the jurisdiction of such committee.
(d) Emergency Designation.--This section is designated as an emergency requirement pursuant to section 4(g) of the Statutory Pay-As-You-Go Act of 2010 (Public Law 111-139; 2 U.S.C. 933(g)) and section 403(a) of S. Con. Res. 13 (111th Congress), the concurrent resolution on the budget for fiscal year 2010. In the House of Representatives, this section is designated as an emergency for purposes of pay-as-you-go principles.
(As printed in the Congressional Record for the Senate on Mar 2, 2010.)