Social Security and Medicare Reform Act

Social Security and Medicare Reform Act - Title I: Reduction in, and Eventual Elimination of, the Supplementary Medical Insurance Deductible - Reduces over a period of 5 years the supplementary medical insurance deductible of title XVIII (Medicare) of the Social Security Act. Provides that in the fifth year the deductible shall be eliminated.

Title II: Automatic coverage (Without Payment of Premium) Under Supplemental Medical Insurance Program - Eliminates the payment of the premium under the supplemental medical insurance program. Provides that the program shall be financed from funds appropriated by the Federal Government.

Title III: General Revenue Contributions to Federal Old-Age and Survivors' Insurance Trust Fund - Authorizes to be appropriated for each fiscal year to the Federal Old-Age and Survivors Insurance Trust Fund an amount equal to 50 percent of the amount of funds appropriated to such fund from payroll taxes.

Title IV: Eliminates the earnings limitations under title II (Old-Age, Survivors', and Disability Insurance) for entitlement to social security retirement benefits. Provides that the elimination is to be effective in taxable years ending after December 31, 1973.

Title V: Provides that individuals who are entitled to receive widow's or widower's benefits under title II shall receive 100 percent of such benefits when they attain retirement age.