article: SECTION 1. SHORT TITLE. This Act may be cited as the ``Social Security Preservation through Individual Choice Enhancement Act''. SEC. 2. ELECTION TO TAKE EMPLOYEE PAYROLL TAX CUT. (a) In General.--Section 601 of the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 is amended by redesignating subsections (b) through (g) as subsections (c) through (i), respectively, and by inserting after subsection (a) the following new subsection: ``(b) Election To Take Employee Payroll Tax Cut.-- ``(1) In general.--Subsection (a) shall apply with respect to remuneration received by any individual for services rendered in a calendar year (or taxable year beginning in the calendar year) in the payroll tax holiday period only if a tax holiday election under paragraph (2) is in effect with respect to such calendar year. ``(2) Tax holiday election.--For purposes of this subsection-- ``(A) In general.--The term `tax holiday election' means, with respect to the individual, an election to have subsection (a) apply to a calendar year (or taxable year beginning in such calendar year) in the payroll tax holiday period beginning in or after 2012. Any such election shall remain in effect until such election is revoked. ``(B) When made.--An election with respect to a calendar year (and a taxable year beginning in the taxable year) may be made before July 1 of the calendar year for which such remuneration is received. ``(C) Revocation of election.--Subject to such conditions as the Secretary deems necessary, an individual may revoke an election to have subsection (a) apply with respect to a calendar year (and taxable year beginning in the calendar year) if such revocation is made before July 1 of the calendar year. ``(D) Time and manner of election and revocation.-- Any election and revocation under this subsection shall be made at such time and in such manner as the Secretary may prescribe. ``(3) Special rules.-- ``(A) 1st employment or self-employment after beginning of year.--In the case of an individual whose employment or self-employment first commences after the beginning of the calendar year or taxable year (as the case may be), the election under paragraph (2)(A) shall be made before or with the beginning of such employment. ``(B) Multiple employers.--In the case that an individual is employed by more than 1 employer (including self-employment) for a period, an election or revocation made under this subsection made with respect to remuneration from 1 employer shall apply to all employers. For purposes of the preceding sentence, the most recent valid election or revocation for a period shall be the only election or revocation (as the case may be) in effect for that period. ``(4) Overpayment and underpayment of tax.-- ``(A) Credit for overpayment.--See sections 6402 and 6413 of such Code for provisions relating to overpayments of employment taxes. ``(B) Underpayment of taxes.--If, by reason of an election or revocation under this subsection for a calendar year or taxable year, an individual has a liability for tax under section 1401(a), 3101(a), 3201(a), or 3211(a)(1) of such Code for the taxable year beginning with or in the calendar year, for purposes of subtitle F of such Code, such liability, together with interest on such liability at the underpayment rate established under section 6621, shall be assessed and collected in the manner prescribed by the Secretary. ``(5) Regulations.--The Secretary, in consultation with the Commissioner of Social Security, shall prescribe such regulations or other guidance as may be necessary to carry out this subsection. Such regulations or other guidance shall include procedures providing for the exchange of information between the Secretary and the Commissioner of Social Security for purposes of this subsection.''. (b) Extension of Retirement Age in Connection With Election To Take Payroll Tax Cut.--Section 216(l) of the Social Security Act (42 U.S.C 416(l)) is amended by adding at the end the following new paragraph: ``(4)(A) For each calendar year beginning with or after 2012 for which section 601(a) of the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 applies with respect to the wages received by an individual for services rendered in such year, the retirement age (as defined in paragraph (1)) of such individual shall be increased by 1 month. ``(B) In the case of any taxable year for which such section 601(a) applies (with respect to remuneration received by an individual as self-employment income for services rendered in such taxable year), any calendar year in which such taxable year commences shall be treated as a calendar year for which such section 601(a) applies as described in subparagraph (A).''.
summary: Social Security Preservation through Individual Choice Enhancement Act - Amends the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 to allow individual taxpayers an election to claim the 2% reduction in employment taxes under such Act in any calendar year beginning in or after 2012. Amends title II (Old Age, Survivors and Disability Insurance) of the Social Security Act to increase the applicable social security retirement age by one month for each calendar year that a taxpayer elects a reduction in employment taxes under this Act.