Page:United States Statutes at Large Volume 75.djvu/180

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[75 Stat. 140]
[75 Stat. 140]
PUBLIC LAW 87-000—MMMM. DD, 1961

140

PUBLIC LAW 87-64-JUNE 30, 1961

[75 S T A T.

(C) to the separate retirement system composed of positions of members who desire coverage, shall be effective with respect to services performed after the same effective date as that which was specified m the case of such previous division." I N C L U S I O N OF N E W MEXICO AMONG STATES W H I C H M A Y DIVIDE RETIREMENT SYSTEMS I N TO TWO PARTS

42 USC 418.

S E C 107. The first sentence of section 218(d)(6)(C) of the Social Security Act is amended by inserting "New Mexico," after "Minnesota,". LIBERALIZATION OF THE E A R N E D - I N C O M E

42 USC 403.

THEIR

LIMITATION

S E C 108. (a) Paragraph (3) of section 203(f) of the Social Security Act is amended by striking out "$300" wherever it appears therein and inserting in lieu thereof "$500". (b) The amendment made by subsection (a) shall apply in the case of taxable years ending after the enactment of this Act. EFFECTIVE DATE

SEC. 109. Except as otherwise provided, the effective date of this title is the first day of the first calendar month which begins on or after the 30th day after the date of the enactment of this Act. TITLE II — AMENDMENTS TO THE I N T E R N A L R E V E N U E CODE O F 1954 C H A N G E S I N TAX SCHEDULES

26 USC 1401.

Self-Employment Income Tax > S E C 201. (a) Section 1401 of the Internal Revenue Code of 1954 (relating to rate of tax on self-employment income) is amended to read as follows: "SEC. 1401. RATE OF TAX. " I n addition to other taxes, there shall be imposed for each taxable year, on the self-employment income of every individual, a tax as follows: "(1) in the case of any taxable year beginning after December 31, 1961, and before January 1, 1963, the tax shall be equal to 4.7 percent of the amount of the self-employment income for such taxable year; "(2) in the case of any taxable year beginning after December 31, 1962, and before January 1, 1966, the tax shall be equal to 5.4 percent of the amount of the self-employment income for such taxable year; "(3) m the case of any taxable year beginning after December 31, 1965, and before January 1, 1968, the tax shall be equal to 6.2 percent of the amount of the self-employment income for such taxable year; and "(4) in the case of any taxable year beginning after December 31, 1967, the tax shall be equal to 6.9 percent of the amount of the self-employment income for such taxable year."