Social Security Amendments of 1977

[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 of 1954 to increase the rate of tax on wages received by 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)and the hospital insurance program of Title XVIII (Medicare) of the Social Security Act. Sets forth the steps in which such increases shall be made through the taxable years beginning after December 31, 1989. Increases to specified dollar amounts the level of wages and self-employment income to which such rate shall be applied in the years 1978 through 1981. Sets such limit at $27,900 in 1981. Increases, to specified levels, the allocations of revenues from wages and self-employment income from the Treasury to the Federal Disability Insurance Trust Fund in accordance with Title II of the Social Security Act. Establishes measures to maintain a minimum balance in the Federal Old-Age and Survivor Insurance Trust Fund, the Federal Disability Insurance Trust Fund, and the Federal Hospital Insurance Trust Fund …