A bill to amend the Internal Revenue Code of 1954 and title II of the Social Security Act to provide a full exception (through credit or refund) from the employees' tax under the Federal Insurance Contributions Act, and an equivalent reduction in the self employment tax, in the case of individuals who have attained age 65.

Authorizes, under the Internal Revenue Code of 1954 and title II (Old-Age, Survivors and Disability Insurance) of the Social Security Act, a full exemption (through credit or refund) from the employees' tax under the Federal Insurance Contributions Act, and an equivalent reduction in the self-employment tax, in the case of individuals who have attained age 65. (Amends 26 U.S.C. 1401, 6413(c))