Page:United States Statutes at Large Volume 79.djvu/901

 79 STAT. ]

PUBLIC LAW 89-212-SEPT. 29, 1965

(4) by striking out "$450" where it appears the second time and inserting in lieu thereof " (i) $450, or (ii) an amount equal to one-twelfth of the current maximum annual taxable 'wages' as defined in section 3121 of the Internal Revenue Code of 1954, whichever is greater,", (e) Subsection (1) (10) of section 5 of such Act is amended by striking out "$450" and inserting in lieu thereof " (i) $450, or (ii) an amount equal to one-twelfth of the current maximum annual taxable 'wages' as defined in section 3121 of the Internal Revenue Code of 1954, whichever is greater".

861

68A Stat. 417. 26 USC 3121.

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45 USC'228e,

INCREASE IN BASE FOR TAX PURPOSES

SEC. 4. Sections 3201, 3202, 3211, and 3221 of the Internal Revenue Code of 1954 (relating to taxes under the Railroad Retirement Tax ^e us^c 32oi ^^^ Act) are each amended by inserting after the phrase "or $450 for any 3202, 3211, 3221. calendar month after the month in which this provision was so amended", wherever such phrase appears in such sections, the following: "and before the calendar month next following the calendar month in which this provision was amended in 1965, or (i) $450, or (ii) an amount equal to one-twelfth of the current maximum annual taxable 'wages' as defined in section 3121 of the Internal Revenue Code of 1954, whichever is greater, for any month after the month in which this provision was so amended". C H A N G E S I N TAX RATES

SEC. 5. (a) Section 3201 of the Internal Revenue Code of 1954 73 Stat. 23. (relating to rate of tax on employees under the Railroad Retirement Tax Act) is amended by striking out paragraphs (1) and (2) and inserting in lieu thereof the following: " (1) 61/4 percent of so much of the compensation paid to such employee for services rendered by him after September 30, 1965, " (2) QV2 percent of so much of the compensation paid to such employee for services rendered by him after December 31, 1965, "(3) 6% percent of so much 01 the compensation paid to such employee for services rendered by him after December 31, 1966, "(4) 7 percent of so much of the compensation paid to such employee tor services rendered by him after December 31, 1967, and "(5) 714 percent of so much of the compensation paid to such emplovee for services rendered by him after December 31, 1968,". (b) Section 3211 of such Code (relating to rate of tax on employee representatives under the Railroad Retirement Tax Act) is amended by striking out paragraphs (1) and (2) and inserting in lieu thereof the following: "(1) 121/2 percent of so much of the compensation paid to such emplovee representative for services rendered by him after September 30, 1965, "(2) 13 percent of so much of the compensation paid to such employee representative for services rendered by him after December 31, 1965, "(3) 131/^ percent of so much of the compensation paid to such employee representative for services rendered by him after December 31, 1966, "(4) 14 percent of so much of the compensation paid to such employee representative for services rendered by him after December 31, 1967, and

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