How HR 25 changes current law

Compared against current U.S. Code AI-generated reading aid — verify against the official bill.

The bill repeals existing income and payroll taxes, effectively abolishing the funding mechanisms for Social Security and related programs under existing law.

• Section 401

  There is hereby created on the books of the Treasury of the United States a trust fund to be known as the 'Federal Old-Age and Survivors Insurance Trust Fund'.

  The trust fund for old-age and survivors insurance will be eliminated.

• Section 401

  The Federal Old-Age and Survivors Insurance Trust Fund shall consist of the securities held by the Secretary of the Treasury...

  Existing assets and securities held for the Old-Age Insurance Trust Fund will no longer exist.

• Section 401

  There is hereby appropriated to the Federal Old-Age and Survivors Insurance Trust Fund... amounts equivalent to 100 per centum of—

  Funding from the Treasury to the Old-Age and Survivors Insurance Trust Fund will cease.

• Section 401

  the taxes (including interest, penalties, and additions to the taxes) received under subchapter A of chapter 9 of the Internal Revenue Code of 1939...

  Existing tax sources for funding this trust fund will be repealed.

• Section 102

  Subtitle C of the Internal Revenue Code of 1986 (relating to payroll taxes and withholding of income taxes) is repealed.

  Payroll taxes that fund Social Security and Medicare will be abolished.