A bill to amend title II of the Social Security Act and chapters 2 and 21 of the Internal Revenue Code of 1954 to remove the ceiling presently imposed upon the amount of earnings which may be counted annually for social security benefit and tax purposes (with the maximum benefits resulting therefrom being limited to twice the present maximum rate), and to fix social security taxes permanently (for cash benefit purposes) at a single reduced rate for both employees and employers.

Removes the ceiling presently imposed upon the amount of earnings which may be counted annually for social security benefits and tax purposes under title II (Old-Age, Survivors, and Disability Insurance) of the Social Security Act and the Internal Revenue Code. Limits the maximum benefits resulting therefrom to twice the present maximum rate.

Establishes a permanent social security tax for cash benefit purposes at a reduced rate for both employees, employers, and self-employed individuals.