Changes in Tax Schedules

Changes in Tax Schedules Sec. 208. (a) Section 1401 of the Internal Revenue Code of 1954 is amended by striking out paragraph (4) and inserting in lieu thereof the following: “(4) in the case of any taxable year beginning after December 31, 1969, and before January 1, 1975, the tax shall be equal to 5¼ percent of the amount of the self-employment income for such taxable year; 68 Stat. 1094 “(5) in the case of any taxable year beginning after December 31, 1974, the tax shall be equal to 6 percent of the amount of the self-employment income for such taxable year.” (b) Section 3101 of the Internal Revenue Code of 1954 is amended by striking out paragraph (4) and inserting in lieu thereof the following: “(4) with respect to wages received during the calendar years 1970 to 1974, both inclusive, the rate shall be 3½ percent; “(5) with respect to wages received after December 31, 1974, the rate shall be 4 percent.” (c) Section 3111 of the Internal Revenue Code of 1954 is amended by striking out paragraph (4) and inserting in lieu thereof the following: “(4) with respect to wages paid during the calendar years 1970 to 1974, both inclusive, the rate shall be 3½ percent; “(5) with respect to wages paid after December 31, 1974, the rate shall be 4 percent.”