Social Security Tax Reduction Act

Social Security Tax Reduction Act - Provides, under the Internal Revenue Code, that the tax rate for old-age, survivors', and disability insurance shall be reduced to the 1972 level of 4.6 percent. Reduces (1) the hospital insurance rate to the 1972 level of .60 percent and (2) the rate of self-employment tax for old-age, survivors' and disability insurance to the 1972 level.

Provides a reduction for individuals with limited income. Sets forth the computation for determining the amount of such deduction.

Provides for a credit or refund for excess withholding of Social Security taxes.

Authorizes to be appropriated to the Federal Old-Age and Survivors Insurance Trust Fund, the Federal Disability Insurance Trust Fund, and the Federal Hospital Insurance Trust Fund amounts equal to the amounts by which the taxes imposed by specified sections of the Internal Revenue Code are less than the amounts which would have been received if this Act had not been enacted.