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 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 of 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, 2010. Increases, to specified levels, the allocations of 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 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 Stabilization of Replacement Rates and Increase in Retirement Age - Sets forth a new formula for the comp…