gross income of farmers

gross income of farmers Sec. 312. (a) The second sentence following paragraph (8) in section 211(a) of the Social Security Act is amended by striking out “$1,800” each place it appears and inserting in lieu thereof “$2,400”, and by striking out “$1,000” each place it appears and inserting in lieu thereof “$1,600”. (b) The second sentence following paragraph (9) in section 1402(a) of the Internal Revenue Code of 1954 (relating to net earnings from self-employment) is amended by striking out “$1,800” each place it appears and inserting in lieu thereof “$2,400”, and by striking out “$1,200” each place it appears and inserting in lieu thereof “$1,600”. (c) The amendments made by this section shall apply only with respect to taxable years beginning after December 31, 1965.