Social Security Financing Amendments of 1979

[AI summary unavailable — showing source text] Social Security Financing Amendments of 1979 - 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. Amends title II to repeal the increases for 1980 and 1981 enacted by the Social Security Amendments of 1977 in the contribution and benefit base from which the social security taxes of an individual are taken. Establishes measures to maintain balances in the Federal Old-Age and Survivor Insurance Trust Fund, and the Federal Hospital Insurance Trust Fund sufficient…