A bill to amend title II of the Social Security Act to permit an individual receiving benefits thereunder to earn outside income without losing any of such benefits and 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 the self-employment tax, in the case of individuals who have attained age 65.

Permits, under title II of the Social Security Act, (Old-Age, Survivors', and Disability Insurance) an individual receiving benefits thereunder to earn outside income without losing any of such benefits. Provides that, under the Internal Revenue Code of 1954, and title II 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 the self-employment tax, in the case of individuals who have attained age 65.