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Volume 85 · 5

Public Law 92–5

To increase the public debt limit set forth in section 21 of the Second Liberty Bond Act, and for other purposes.

Approved March 17, 1971

Statutory text

AN ACT

To increase the public debt limit set forth in section 21 of the Second Liberty Bond Act, and for other purposes.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

That the first sentence

Public debt limit, increase; Social Security Act, amendments.

84 Stat. 368.

of section 21 of the Second Liberty Bond Act (31 U.S.C. 757b) is amended by striking out “$380,000,000,000” and inserting in lieu thereof “$400,000,000,000”.

Sec. 2.

(a)

During the period beginning on the date of the enactment

Temporary annual increase.

of this Act and ending on June 30, 1972, the public debt limit set forth in the first sentence of section 21 of the Second Liberty Bond Act shall be temporarily increased by $30,000,000,000.

(b)

Effective on the date of the enactment of this Act, section 2

Repeal.

of Public Law 91–301 is hereby repealed.

Sec. 3.

The first section of the Second Liberty Bond Act (31 U.S.C. 752) is amended by adding at the end of the second paragraph the

40 Stat. 502.

following new sentence: “Bonds herein authorized may be issued from time to time at a rate or rates of interest exceeding 4¼ per centum per annum, but the aggregate face amount of bonds issued pursuant to this sentence shall not exceed $10,000,000,000.”.

Sec. 4.

(a)

Effective with respect to obligations issued after March 3,

Repeals; effective date.

1971, the following provisions of law are hereby repealed:

(1)

Section 14 of the Second Liberty Bond Act (31 U.S.C. 765); and

(2)

Section 6312 of the Internal Revenue Code of 1954 (relating

68A Stat. 777.

26 USC 6312.

to payment by United States notes and certificates of indebtedness), and the item relating to such section 6312 in the table of sections for subchapter B of chapter 64 of such Code.

(b)

The Second Liberty Bond Act is amended by adding at the

40 Stat. 288; 81 Stat. 778.

31 USC 774.

end thereof the following new section:

“Sec. 27.

In the case of obligations issued after March 3, 1971, under this Act or under any other provision of law, the terms and conditions of issue shall not permit the redemption before maturity of such obligation in payment of any tax imposed by the United States in any amount above the fair market value of such obligation at the time of such redemption. This section shall not apply to any Treasury bill which is issued under the authority of section 5.”

31 USC 754.

TITLE II— AMENDMENTS TO THE SOCIAL SECURITY ACT

Sec. 201. increase in old-age, survivors, and disability insurance benefits

(a)

Section 215(a) of the Social Security Act is amended by striking out the table and inserting in lieu thereof the following:

“IIIIIIIVV
(Primary insurance benefit under 1939 Art, as modified)(Primary Insurance amount under 1969 Act)(Average monthly wage)(Primary Insurance amount)(Maximum family benefits)
If an Individual’s primary insurance benefit (as determined under subsec. (d)) is—Or his primary Insurance amount (as determined under subsec. (c)) is—Or his average monthly wage (as determined under subsec. (b)) is—The amount referred to in the preceding paragraphs of this subsection shall be—And the maximum amount of benefits payable (as provided in sec. 203(a)) on the basis of his wages and self- employment income shall be—
At least—But not more than—At least—But not more than—
_ _ _ _ _ _$16.20 $64.00 or less_ _ _ _ _ _$76 $70.40 $105.60 
$16.21 16.8465.00$777871.50107.30
16.8517.6066.40798073.10109.70
17.6118.4067.70818174.50111.80
18.4119.2468.90828375.80113.70
19.2520.0070.30848577.40116.10
20.0120.6471.60868778.80118.20
20.6521.2872.80888980.10120.20
21.2921.8874.20909081.70122.60
21.8922.2875.60919283.10124.70
22.2922.6876.80939484.50126.80
22.6923.0878.00959685.80128.70
23.0923.4479.40979787.40131.10
23.4523.7680.80989988.90133.40
23.7724.2082.30100 101 90.60135.90
24.2124.6083.50102 102 91.90137.90
24.6125.0084.90103 104 93.40140.10
25.0125.4886.40105 106 95.10142.70
25.4925.0287.80107 107 96.60144.90
26.9326.4089.20108 109 98.20147.30
26.4126.9490.60110 113 99.70149.60
26.9527.4691.90114 118 101.10 151.70
27.4728.0053.30119 122 102.70 154.10
28.0128.6894.70123 127 104.20 156.30
28.6029.2596.20128 132 105.90 158.90
29.2620.6897.50133 136 107.30 161.00
29.6030.3698.80137 111 108.70 163.10
30.3730.92100.30 142 146 110.40 165.60
30.9331.36101.70 147 150 111.90 167.90
31.3732.00103.00 151 155 113.30 170.00
32.0132.60101.50 136 160 115.00 172.50
32.6133.20105.80 161 164 116.40 174.60
33.2133.88107.20 165 169 118.00 177.00
33.8934.50108.60 170 174 119.50 179.30
34.5135.00110.00 175 178 121.00 181.50
35.0135.80111.40 179 183 122.60 183.90
35.8136.40112.70 184 188 124.00 186.00
36.4137.08114.20 189 193 125.70 188.60
37.0937.60115.60 194 197 127.20 190.80
37.6138.20116.90 198 202 128.60 192.90
38.2139.12118.40 203 207 130.30 195.50
39.1339.68119.80 208 211 131.80 197.70
39.6040.33121.00 212 216 133.10 199.70
40.3441.12122.50 217 221 134.80 202.20
41.1341.76123.90 222 225 136.30 204.50
41.7742.44125.30 226 230 137.90 206.90
42.4643.20126.70 231 235 139.40 209.10
43.2143.76128.20 236 239 141.10 211.70
43.7744.44129.60 240 244 142.50 214.80
44.4544.88130.80 245 219 143.90 219.20
44.8945.60132.30 250 253 145.60 222.70
  133.70 254 258 147.10 227.10
  134.90 259 263 148.40 231.50
  136.40 264 267 150.10 235.00
  137.80 268 272 151.60 239.40
  139.20 273 277 153.20 243.80
  140.60 278 281 154.70 247.30
  142.00 282 286 156.20 251.70
  143.50 287 291 167.90 256.10
“IIIIIIIVV
(Primary insurance benefit under 1939 Art, as modified)(Primary Insurance amount under 1969 Act)(Average monthly wage)(Primary Insurance amount)(Maximum family benefits)
If an Individual’s primary insurance benefit (as determined under subsec. (d)) is—Or his primary Insurance amount (as determined under subsec. (c)) is-Or his average monthly wage (as determined under subsec. (b)) is—The amount referred to in the preceding paragraphs of this subsection shall be—And the maximum amount of benefits payable (as provided in sec. 203(a)) on the basis of his wages and self- employment income shall be—
At least—But not more than—At least—But not more than—
    144.70 292 296 159.20 259.60 
    146.20 296 300 160.90 204.00 
    147.60 301 306 162.40 268.40 
    148.90 306 309 163.80 272.00 
    150.40 310 314 165.50 276.40 
    161.70 315 319 166.90 280.80 
    153.00 320 323 168.30 284.30 
    164.60 324 328 170.00 288.70 
    155.90 329 333 171.50 293.10 
    157.40 334 337 173.20 296.60 
    158.60 338 342 174.50 301.00 
    160.00 343 347 176.00 305.40 
    161,50 348 361 177.70 308.90 
    162.80 352 366 170.10 313.30 
    164.30 367 361 180.80 317.70 
    165.60 362 365 182.20 321.20 
    166.90 366 370 183.60 326.60 
    168.40 371 376 185.30 330.00 
    169.80 870 379 186.80 333.60 
    171.30 380 384 188.50 388.00 
    172.50 385 389 189.80 342.40 
    173.00 390 393 191.30 345.90 
    176.40 394 398 193.00 350.30 
    176.70 399 403 194.40 354.70 
    178.20 404 407 196.10 358.20 
    179.40 408 412 197.40 362.60 
    180.70 413 417 198.80 367.00 
    182.00 418 421 200.20 370.50 
    183.40 422 426 201.80 374.90 
    184.60 427 431 203.10 379.30 
    185.90 432 436 204.50 383.70 
    187.30 437 440 206.10 385.50 
    188.50 441 445 207.40 387.70 
    188.80 446 450 208.80 389.90 
    191.20 451 454 210.40 391.60 
    192.40 455 459 211.70 393.80 
    193.70 460 464 213.10 396.00 
    196.00 465 468 214.50 397.80 
    196.40 469 473 216.10 400.00 
    197.60 474 478 217.40 402.20 
    198.90 479 482 218.80 404.00 
    200.30 483 487 220.40 406.20 
    201.50 488 492 221.70 408.40 
    202.80 493 496 223.10 410.10 
    204.20 497 501 224.70 412.30 
    206.40 502 506 226.00 414.50 
    206.70 507 510 227.40 416.30 
    208.00 511 515 228.80 418.60 
    209.30 516 520 230.30 420.70 
    210.60 521 524 231.70 422.40 
    211.90 525 529 233.10 424.60 
    213.30 530 534 234.70 426.80 
    214.50 535 538 236.00 428.60 
    215.80 539 543 237.40 430.80 
    217.20 544 548 239.00 433.00 
    218.40 549 553 240.30 435.20 
    219.70 554 556 241.70 436.50 
    220.80 557 560 242.90 438.30 
    222.00 561 563 244.20 439.60 
    223.10 564 567 245.50 441.40 
    224.30 568 570 246.80 442.70 
    226.40 571 574 248.00 444.40 
    226.60 575 577 249.30 445.80 
    227.70 578 581 250.50 447.50 
    228.90 582 584 251.80 448.80 
    230.00 585 588 253.00 450.60 
    231.20 580 691 254.40 451.90 
    232.30 592 595 255.60 453.70 
    233.50 596 598 256.90 455.00 
    234.60 599 602 258.10 456.80 
    285,80 603 605 259.40 458.10 
“IIIIIIIVV
(Primary insurance benefit under 1939 Art, as modified)(Primary Insurance amount under 1969 Act)(Average monthly wage)(Primary Insurance amount)(Maximum family benefits)
If an Individual’s primary insurance benefit (as determined under subsec. (d)) is—Or his primary Insurance amount (as determined under subsec. (c)) is-Or his average monthly wage (as determined under subsec. (b)) is—The amount referred to in the preceding paragraphs of this subsection shall be—And the maximum amount of benefits payable (as provided in sec. 203(a)) on the basis of his wages and self- employment income shall be—
At least—But not more than—At least—But not more than—
    236.90 606 609 260.60 459.80 
    238.10 610 612 282.00 461.20 
    230.20 613 616 260.20 462.90 
    240.40 617 620 264.50 464.70 
    241.50 621 623 265.70 408.00 
    242.70 621 627 267.00 467.80 
    243.80 628 630 268.20 469.40 
    245.00 631 634 269.50 471.70 
    246.10 635 637 270.80 473.90 
    247.30 638 641 272.10 476.20 
    248.40 642 614 273.30 478.30 
    240.60 645 648 274.60 480.60 
    250.70 649 653 275.80 482.70 
      653 666 276.60 484.10 
      657 860 277.40 485.50 
      661 665 278.40 487.20 
      666 670 279.40 489.00 
      671 675 280.40 400.70 
      676 680 281.40 492.50 
      681 685 282.40 491.20 
      686 690 233.40 496.00 
      691 695 284.40 497.70 
      696 700 285.40 409.50 
      701 705 286.40 601.20 
      706 710 287.40 503.00 
      711 715 288.40 504.70 
      716 720 289.40 500.50 
      721 725 200.40 508.20 
      726 730 291.40 510.00 
      731 735 292.40 511.70 
      736 740 293.40 513.50 
      741 745 294.40 515.20 
      746 750 295.40 517.00”.
(b)

Section 203 (a) of such Act is amended by striking out paragraph (2) and inserting in lieu thereof the following:

“(2)

when two or more persons were entitled (without the application

42 USC 402, 423.

of section 202(j)(l) and section 223(b)) to monthly benefits under section 202 or 223 for January 1971 on the basis of the wages and self-employment income of such insured individual and at least one such person was so entitled for December 1970 on the basis of such wages and self-employment income, such total of benefits for January 1971 or any subsequent month shall not be reduced to less than the larger of—

“(A)

the amount determined under this subsection without regard to this paragraph, or

“(B)

an amount equal to the sum of the amounts derived by multiplying the benefit amount determined under this title (including this subsection, but without the application

42 USC 422, 402.

of section 222(b), section 202(q), and subsections (b), (c), and (d) of this section), as in effect prior to the amendment of this subsection in March 1971, for each such person for such month, by 110 percent and raising each such increased amount , if it is not a multiple of $0.10, to the next higher multiple of $0.10; but in any such case (i) paragraph (1) of this subsection shall not be applied to such total of benefits after the application of subparagraph

42 USC 402

(B), and (ii) if section 202(k) (2) (A) was applicable in the case of any such benefits for January 1971, and ceases to apply after such month, the provisions of subparagraph (B) shall be applied, for and after the month in which section 202(k) (2) (A) ceases to apply, as though paragraph (1) had not been applicable to such total of benefits for January 1971, or”.

(c)

Section 215(b) (4) of such Act is amended by striking out

83 Stat. 740.

42 USC 415.

“December 1969” each time it appears and inserting in lieu thereof “December 1970”.

(d)

Section 215 (c) of such Act is amended to read as follows:

“(c)

“Primary Insurance Amount Under 1969 Act

(1)

For the purposes of column II of the table appearing in subsection (a) of this section, an individual’s primary insurance amount

Ante, p. 6.

shall be computed on the basis of the law in effect prior to the amendment of this subsection in March 1971.

“(2)

The provisions of this subsection shall be applicable only in the case of an individual who became entitled to benefits under section 202(a) or section 223 before the date on which this subsection was

70 Stat. 815.

42 USC 423.

amended in March 1971, or who died before such date.”

(e)

The amendments made by this section shall apply with respect to monthly benefits under title II of the Social Security Act for months

53 Stat. 1362.

42 USC 401.

after December 1970 and with respect to lump-sum death payments under such title in the case of deaths occurring in and after the month in which this Act is enacted.

(f)

If an individual was entitled to a disability insurance benefit under section 223 of the Social Security Act for December 1970 on the basis of an application filed in or after the month in which this Act is enacted, and became entitled to old-age insurance benefits under section 202(a) of such Act for January 1971, then, for purposes of section 215

64 Stat. 482.

(a)(4) of the Social Security Act (if applicable), the amount in

79 Stat. 367, 370.

column IV of the table appearing in such section 215(c) for such individual shall be the amount in such column on the line on which in column II appears his primary insurance amount (as determined under section 215(c) of such Act) instead of the amount in column IV equal to the primary insurance amount on which his disability insurance benefit is based.

(g)

Notwithstanding the provisions of sections 2(a) (10), 402(a) (7), 1002(a) (8), 1402(a) (8), and 1602(a)(13) and (14) of the Social Security Act, each State, in determining need for aid or assistance under a State plan approved under title I, X, XIV, or XVI, or part A of title IV, of such Act, may disregard (and the plan may be deemed to require the State to disregard), in addition to any other amounts which the State is required or permitted to disregard in determining such need, any amount paid to an individual under title II of such Act (or under the Railroad Retirement Act of 1937 by reason of the first proviso in section 3 (e) thereof), in any month after the month in which

65 Stat. 685; 80 Stat. 1080.

45 USC 228c.

this Act is enacted, to the extent that (1) such payment is attributable to the increase in monthly benefits under the old-age, survivors, and disability insurance system for January, February, March, or April 1971 resulting from the enactment of this title, and (2) the amount of such increase is paid separately from the rest of the monthly benefit of such individual for January, February, March, or April 1971.

Sec. 202. increase in benefits for certain individuals age 72 and over

(a)
(1)

Section 227(a) of the Social Security Act is amended by striking out “$46” and inserting in lieu thereof “48.30”, and by striking out “$23” and inserting in lieu thereof “$24.20”.

(2)

Section 227(b) of such Act is amended by striking out “$46” and inserting in lieu thereof “$48.30”.

(b)
(1)

Section 228(b) (1) of such Act is amended by striking out “$46” and inserting in lieu thereof “$48.30”.

(2)

Section 228(b) (2) of such Act is amended by striking out “$46” and inserting in lieu thereof “$48.30”, and by striking out “$23” and inserting in lieu thereof “$24.20”.

(3)

Section 228 (c) (2) of such Act is amended by striking out “$23” and inserting in lieu thereof “$24.20”.

(4)

Section 228(c) (3) (A) of such Act is amended by striking out “$46” and inserting in lieu thereof “$48.30”.

(5)

Section 228(c) (3) (B) of such Act is amended by striking out “$23” and inserting in lieu thereof “$24.20”.

(c)

The amendments made by subsections (a) and (b) shall apply with respect to monthly benefits under title II of the Social Security

53 Stat. 1362.

42 USC 401.

Act for months after December 1970.

Sec. 203. increase of earnings counted for benefit and tax purposes

(a)
(1)
(A)

Section 209(a) (5) of the Social Security Act is amended by inserting “and prior to 1972” after “1967”.

(B)

Section 209 (a) of such Act is further amended by adding at the end thereof the following new paragraph:

“(6)

That part of remuneration which, after remuneration (other than remuneration referred to in the succeeding subsections of this section) equal to $9,000 with respect to employment has been paid to an individual during any calendar year after 1971, is paid to such individual during any such calendar year;”.

(2)
(A)

Section 211(b) (1) (E) of such Act is amended by inserting “and beginning prior to 1972” after “1967”, and by striking out “; or” and inserting m lieu thereof “; and”.

(B)

Section 211(b)(1) of such Act is further amended by adding at the end thereof the following new subparagraph:

“(F)

For any taxable year beginning after 1971, (i) $9,000, minus (ii) the amount of the wages paid to such individual during the taxable year; or”.

(3)
(A)

Section 213(a) (2) (ii) of such Act is amended by striking out “after 1967” and inserting in lieu thereof “after 1967 and before 1972, or $9,000 in the case of a calendar year after 1971”.

(B)

Section 213(a) (2) (iii) of such Act is amended by striking out “after 1967” and inserting in lieu thereof “after 1967 and beginning before 1972, or $9,000 in the case of a taxable year beginning after 1971”.

(4)

Section 215(e) (1) of such Act is amended by striking out “and the excess over $7,800 in the case of any calendar year after 1967” and inserting in lieu thereof “the excess over $7,800 in the case of any calendar year after 1967 and before 1972, and the excess over $9,000 in the case of any calendar year after 1971”.

(b)
(1)
(A)

Section 1402(b) (1) (E) of the Internal Revenue Code of 1954 (relating to definition of self-employment income) is amended by inserting “and beginning before 1972” after “1967”, and by striking out “; or” and inserting in lieu thereof “; and”.

(B)

Section 1402(b) (1) of such Code is further amended by adding

68 Stat. 1088; 81 Stat. 835.

26 USC 1402.

at the end thereof the following new subparagraph:

“(F)

for any taxable year beginning after 1971, (i) $9,000, minus (ii) the amount of the wages paid to such individual during the taxable year; or”.

(2)

Section 3121(a)(1) of such Code (relating to definition of

81 Stat. 835.

wages) is amended by striking out “$7,800” each place it appears and inserting in lieu thereof “$9,000”.

(3)

The second sentence of section 3122 of such Code (relating to Federal service) is amended by striking out “$7,800” and inserting in lieu thereof “$9,000”.

(4)

Section 3125 of such Code (relating to returns in the case of governmental employees in Guam, American Samoa, and the District of Columbia) is amended by striking out “$7,800” where it appears in subsections (a), (b), and (c) and inserting in lieu thereof “$9,000”.

(5)

Section 6413(c) (1) of such Code (relating to special refunds of employment taxes) is amended—

(A)

by inserting “and prior to the calendar year 1972” after “after the calendar year 1967”;

(B)

by inserting after “exceed $7,800,” the following: “or (E) during any calendar year after the calendar year 1971, the wages received by him during such year exceed $9,000,”; and

(C)

by inserting before the period at the end thereof the following: “and before 1972, or which exceeds the tax with respect to the first $9,000 of such wages received in such calendar year after 1971”.

(6)

Section 6413(c)(2)(A) of such Code (relating to refunds of employment taxes in the case of Federal employees) is amended by striking out “or $7,800 for any calendar year after 1967” and inserting in lieu thereof “$7,800 for the calendar year 1968, 1969, 1970, or 1971, or $9,000 for any calendar year after 1971”.

(7)

Section 6654(d) (2) (B) (ii) of such Code (relating to failure by

80 Stat. 62.

individual to pay estimated income tax) is amended by striking out “$6,600” and inserting in lieu thereof “$9,000”.

(c)

The amendments made by subsections (a) (1) and (a) (3) (A),

Effective dates.

and the amendments made by subsection (b) (except paragraphs (1) and (7) thereof), shall apply only with respect to remuneration paid after December 1971. The amendments made by subsections (a) (2), (a) (3) (B), (b) (1), and (b) (7) shall apply only with respect to taxable years beginning after 1971. The amendment made by subsection (a) (4) shall apply only with respect to calendar years after 1971.

Sec. 204. changes in tax schedules

(a)
(1)

Section 3101(a) of such Code (relating to rate of

81 Stat. 836.

tax on employees for purposes of old-age, survivors, and disability insurance) is amended by striking out “and” at the end of paragraph (3), and by striking out paragraph (4) and inserting in lieu thereof the following:

“(4)

with respect to wages received during the calendar years 1973, 1974, and 1975, the rate shall be 5.0 percent; and

“(5)

with respect to wages received after December 31, 1975, the rate shall be 5.15 percent.”

(2)

Section 3111(a) of such Code (relating to rate of tax on employers for purposes of old-age, survivors, and disability insurance) is amended by striking out “and” at the end of paragraph (3), and by striking out paragraph (4) and inserting in lieu thereof the following:

“(4)

with respect to wages paid during the calendar years 1973, 1974, and 1975, the rate shall be 5.0 percent; and

“(5)

with respect to wages paid after December 31, 1975, the rate shall be 5.15 percent.”

(b)

The amendments made by subsection (a) (1) shall apply only with respect to taxable years beginning after December 31, 1971. The remaining amendments made by this section shall apply only with respect to remuneration paid after December 31, 1971.

Approved March 17, 1971.

Parsed from the official Statutes at Large USLM XML in 85.xml