Social Security Tax Reduction Act of 1979

[AI summary unavailable — showing source text] Social Security Tax Reduction Act of 1979 - Amends titles II (Old-Age, Survivors and Disability Insurance) and XVIII (Medicare) of the Social Security Act, and the Internal Revenue Code to finance the payment of disability insurance benefits and hospital insurance benefits through general tax revenues, rather than through employment and self-employment tax revenues. Establishes new employment and self-employment tax rates for the purpose of financing the OASDI program.…