A bill to amend title II of the Social Security Act to increase to $4,800 the amount of outside earnings which (subject to further increases under the automatic adjustment provisions) is permitted each year without any deductions from benefits thereunder, and to revise the method for determining such amount.

Amends Title II (Old-Age, Survivors, and Disability Insurance) of the Social Security Act to increase to $4,800 the amount of outside income which is permitted each year without deductions from benefits. Provides that the exempt amount for each month of a particular taxable year shall be the exempt amount which would have been in effect with respect to such months if the $4,800 figure had been increased by a percentage equal to the ratio of (1) the average of the wages of all employees as reported to the Secretary of the Treasury for the calendar year preceding to (2) the average of the wages of all employees as reported to the Secretary of the Treasury for the calendar year 1973.