A bill to amend the Internal Revenue Code of 1986 to temporarily reduce payroll taxes of employees and employers by one-half, and for other purposes.

Amends the Internal Revenue Code to reduce in 2010: (1) the employment tax rate from 6.2 to 3.1% for employers and employees; and (2) the tax rate on self-employment income from 12.4 to 6.2%.

Appropriates to the Federal Old-Age and Survivors Trust Fund and the Federal Disability Trust Fund sufficient amounts to cover any revenue lost to such Trust Funds from the enactment of this Act.