A bill t 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 employee's 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.

Authorizes, under the Internal Revenue Code of 1954 and title II (Old-Age, Survivors and Disability Insurance) 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 in the self-employment tax, in the case of individuals who have attained age 65. (Amends 26 U.S.C. 1401, 6413 (c))