Personal Security and Wealth in Retirement Act of 1998

[AI summary unavailable — showing source text] Individual Social Security Retirement Accounts Act of 1997 - Expresses the sense of the Congress that: (1) it is the right of American workers to choose to remain in the current social security retirement system and to be protected from that system's becoming insolvent; and (2) the Federal Government should take all necessary actions to guarantee that for those Americans that choose to stay in the current system there shall be no increase in the normal retirement age and no reduction in the amount of social security benefits that they will receive. (Sec. 4) Amends the Internal Revenue Code to reduce social security taxes for eligible individuals, whether employed by others or self-employed, who elect to participate in the Individual Retirement Program (IRP) created under a new part B of title II (Old-Age, Survivors and Disability Insurance) (OASDI) of the Social Security Act (SSA) (part B eligible individual). Reduces the employers' tax for employers of such individuals. Reduces such social security taxes applicable to employees and employers even further for each calendar year beginning after 2000. Leaves the respective tax rates at their current levels with respect to individuals…