Core Provisions: This legislation would amend the Social Security Act to provide unemployed workers who earned less than the Social Security payroll tax cap 50 percent of lost wages - up to $10,000 per year for two years. The Internal Revenue Code would be amended to tax employers 0.06 percent of paid wages to fund the new benefit. The program would be financed by the federal government and administered by state governments.
Status: H.R.2202 was introduced by Rep. McDermott (D-WA) on May 8, 2007 and referred to the House Committee on Ways and Means. Sen. Schumer (D-NY) introduced S.1330 on May 8, 2007 and it was referred to the Finance Committee.