changes in tax schedules

changes in tax schedules Sec. 204. (a) (1) Section 3101(a) of such Code (relating to rate of tax on employees for purposes of old-age, survivors, and disability insurance) is amended by striking out “and” at the end of paragraph (3), and by striking out paragraph (4) and inserting in lieu thereof the following: “(4) with respect to wages received during the calendar years 1973, 1974, and 1975, the rate shall be 5.0 percent; and “(5) with respect to wages received after December 31, 1975, the rate shall be 5.15 percent.” (2) Section 3111(a) of such Code (relating to rate of tax on employers for purposes of old-age, survivors, and disability insurance) is amended by striking out “and” at the end of paragraph (3), and by striking out paragraph (4) and inserting in lieu thereof the following: “(4) with respect to wages paid during the calendar years 1973, 1974, and 1975, the rate shall be 5.0 percent; and 85 Stat. 12 “(5) with respect to wages paid after December 31, 1975, the rate shall be 5.15 percent.” (b) The amendments made by subsection (a) (1) shall apply only with respect to taxable years beginning after December 31, 1971. The remaining amendments made by this section shall apply only with respect to remuneration paid after December 31, 1971.