To amend title II of the Social Security Act to provide for increases in the exempt amount for purposes of the retirement test and to require annual reports by the Secretary of the Treasury regarding the net increases in revenue resulting from such increases in the exempt amount.

Amends title II (Old Age, Survivors and Disability Insurance) of the Social Security Act to: (1) provide for increases in the exempt amount for purposes of the retirement test; and (2) require the Secretary of the Treasury to submit annual reports to the Congress and the Secretary of Health and Human Services on the net increase in tax liabilities resulting from such increases.