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

Provides a full exemption (through credit or refund) from the employees' tax under the Federal Insurance Contributions Act, for purposes of title II of the Social Security Act (Old-Age, Survivors' and Disability Insurance) 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)