A bill to amend chapters 2 and 21 of the Internal Revenue Code of 1954 and title II of the Social Security Act to reduce by one-third the rates of the taxes imposed on employees and self-employed individuals for purposes of the old-age, survivors, and disability insurance program, with a corresponding increase in the amount appropriated to the social security trust funds from general revenues for such purposes.

Reduces, under the Internal Revenue Code and title II (Federal Old-Age, Survivors', and Disability Insurance) of the Social Security Act, by one-third the rates of the taxes imposed on employees and self-employed individuals for purposes of the old-age, survivors, and disability insurance program. Provides for an increase in the amount appropriated to the social security trust funds from general revenues for such purposes.