A bill to authorize the President to enter into agreements establishing totalization arrangements between the social security system established by title II of the Social Security Act and the social security systems of other countries.

Authorizes the President, under title II of the Social Security Act, to enter into agreements establishing totalization arrangements between the social security system of the United States and the social security system of any foreign country, for the purposes of establishing entitlement to benefits based on a combination of an individual's periods of coverage under each social security system.

Authorizes the President to delegate his functions to the Secretary of Health, Education, and Welfare, who shall consult with the Secretary of the Treasury and the Secretary of State prior to entering into any agreement.

Prescribes the provisions required by any agreement establishing such a totalization arrangement.

Provides, under the Internal Revenue Code, that during any period in which there is in effect an agreement with any foreign country, the self-employment income of an individual shall be exempt from specified taxes to the extent that such self-employment income is subject to taxes or contributions for similar purposes under the social security system of the foreign country. Provides that taxes paid by any individual to any foreign country covered by an agreement shall not be deductible by, or creditable against the income tax of, any such individual under the laws of the United States.