A bill to amend title II of the Social Security Act and the Internal Revenue Code of 1954 to provide that an individual who has attained age 65 may elect to treat any employment or self-employment performed by him as not covered for social security benefit purposes and exempt from social security taxes.

Provides, under the Social Security Act (Title II: Federal Old-age, Survivors, and Disability Insurance Benefits) and the Internal Revenue Code, that an individual who has attained age 65 may elect to treat any employment or self-employment performed by him as not covered for social security benefit purposes and exempt from social security taxes. Requires that such election shall be irrevocable for such taxable year. Sets forth the applicability of, manner of, and special refunds arising out of, such exemption.