Individual Social Security Retirement Accounts Act of 1999

[AI summary unavailable — showing source text] Individual Social Security Retirement Accounts Act of 1999 - Amends the Internal Revenue Code (IRC) 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. Leaves the respective tax rates at their current levels with respect to individuals who remain covered under the current OASDI program (redesignated as part A of SSA title II). (Sec. 3) Amends SSA title II to require, under new part B, that employers have in effect a social security payroll deduction plan for eligible employees who elect to enroll under it. Requires the plan to provide for employers to deduct five percent of the employee's wages, together with an employer contribution also equal to five percent of the employee's wages, for transfer to the employee's individual social security retirement (ISSR) account. Requires self-employed individuals to contribute ten percent of their income to such…