H.R. 4215, To amend the Internal Revenue Code of 1986 to update the optional methods for computing net earnings from self-employment

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H.R. 4215 would amend the Internal Revenue Code of 1986 to update the optional methods for computing net earnings from self-employment.

Detailed Summary

Amends the Internal Revenue Code and title II (Old Age, Survivors, and Disability Insurance Benefits) of the Social Security Act to revise the optional method of computing the net earnings of self-employed individuals for purposes of determining social security benefit eligibility. Replaces the numerical formula for determining benefit eligibility with an indexed calculation based on a lower limit (the amount required under the Social Security Act for a quarter of coverage) and an upper limit (150 percent of the lower limit).

Status of the Legislation

Latest Major Action: 11/15/2007: Referred to House committee. Status: Referred to the House Committee on Ways and Means.

Points in Favor

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Points Against

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