Pay-As-You-Go Social Security and Prosperity Insurance Act

[AI summary unavailable — showing source text] Pay-As-You-Go Social Security and Prosperity Insurance Act - Revises the old-age, survivors, and disability insurance program, under the Social Security Act, to permit the retirement of all persons in the United States at the age of 60 years with benefits sufficient, in the absence of any other resources, to assure elderly persons freedom from poverty and to assure elderly persons full participation in prevailing national standards of living. Provides Social Security benefits for physically, mentally, or vocationally disabled persons aged 18 and over. Provides benefits for eligible full-time students aged 18 to 25. Provides benefits for eligible female heads of families and for qualified children. Creates within the Treasury an account to be known as the "pay-as-you-go, social security and prosperity insurance account" and authorizes the appropriation to it of revenues derived under this Act. Sets forth a schedule for reduction of benefits on the basis of earnings of income received by beneficiaries. Provides that payments to recipients shall be made on a monthly basis. Provides that, in addition to all other excises, duties, and taxes, there shall be levied a tax on the gross inco…