Social Security Financing Amendments

[AI summary unavailable — showing source text] Social Security Financing Amendments - Title I: Provisions to Improve the Financing of the Old Age-Survivors, and Disability Insurance Program - Amends the Internal Revenue Code to increase the rate of tax established by the Social Security Financing Amendments of 1977 on wages received by the employees and paid by employers, and on the earnings of the self employed, for the purposes of Title II (Old-Age, Survivors, and Disability Insurance) of the Social Security Act. Maintains at the level established by the Social Security Amendments of 1977 the rate of tax on employment and self employment income for purposes of Title XVIII (Medicare) of the Social Security Act. Increases, to specified levels, the allocations of wages and self-employment income from the Treasury to the Federal Disability Insurance Trust Fund. Establishes measures to maintain balances in the Federal Old-Age and Survivor Insurance Trust Fund, and the Federal Hospital Insurance Trust Fund sufficient to make the payments required of such funds by means of loans among such funds. Title II: Improvement of Long-Range Financing Through a Gradual Increase in Retirement Age - Increases, from 65 to 68 years, the retiremen…