Page:United States Statutes at Large Volume 87.djvu/195

 87 STAT. ]

PUBLIC LAW 93-69-JULY 10, 1973

163

''In addition to other taxes, there is hereby imposed on every employer an excise tax, with respect to having individuals in his employ, equal to 9.5 percent of so much of the compensation paid by such employer for services rendered to him after September 30, 1973, as is, with respect to any employee for any calendar month, not in excess of 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 for any month after September 30, 1973;''. se^tt'Ti'g'^ll'es (e) Section 3221(a) of such Code, as amended by section 102(d) of 26 USC 3121. this Act, is further amended— (1) by striking out "1965" wherever it appears in the first sentence thereof and inserting in lieu thereof ''1973"; (2) by striking out "(1) $450, or ( i i) " wherever it appears in the first sentence thereof; and (3) by striking o u t ", whichever is greater," wherever it appears in the first sentence thereof. (f) Section 3221(b) of such Code is amended by striking out all ^^ Stat. 29. that appears therein and inserting in lieu thereof the following: "(b) The rate of tax imposed by subsection (a) shall be increased, with respect to compensation paid for services rendered after September 30, 1973, by the rate of tax imposed with respect to wages by section 3111(a) of the Internal Revenue Code of 1954 plus the rate imposed 86^stat^\"364^' by section 3111(b) of such Code." SEC. 103. (a) Section 6 of Public Law 91-377, as amended by section. Annuity i»-r»ii'T

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8(c) or Public Law 92-46, is lurther amended by striking out.nine 30, tion date, exten1973" each time that date appears and inserting in lieu thereof ^^g"* "December 31, 1974''. as stat! 102. ' (b) Section 8(b) of Public Law 92-46 is amended by striking out 45 USC 228c "June 30, 1973" each time that date appears and inserting in lieu "°'^* thereof "December 31, 1974"'. (c) Section 5(b) of Public Law 92-460 is amended by striking out l\ Ascitic "June 30, 1973" each time that date appears and inserting in lieu note. thereof "December 31, 1974". SEC. 104. (a) Section 3(a) of the Raih-oad Retirement Act of 1937 g/VeV' is amended by inserting at the end thereof the following new 45 USC 228c. paragraph: "(6) If title II of the Social Security Act is amended to provide an ^^^2^^^^ " " " increase in benefits payable thereunder at any time during the period 42 USC 401. July 1, 1973, through December 31, 1974, the individual's annuity computed under the preceding provisions of this subsection and that part of subsection (e) of this section which precedes the first proviso shall be increased in an amount equal to the difference between (i^ the amount (before any reduction on account of age) which would be payable to such individual under the then current law if his or her annuity were computed under the first proviso of section 3(e) of this Act, without regard to the words 'plus 10 per centum of such amount' contained therein; and (ii) the amount (before any reduction on account of age) which would have been payable to such individual under the law as in effect prior to July 1, 1973, if his or her annuity had been computed under such first proviso of section 3(e) of this Act, without regard to the words 'plus 10 per centum of such total amount' contained therein (assuming for this purpose that the eligibility conditions and the proportions of the primary insurance amounts payable under the then current Social Security Act had been ^'^ "^^ ^^°^* in effect prior to July 1, 1973): Provided, however, That, in computing such amount, only the social security benefits which would have been payable to the individual whose annuity is being computed under this Act shall be taken into account: Provided further, That if an annuity accrues to an individual for a part of a month the added

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