Social Security Tax Adjustment Act

Social Security Tax Adjustment Act - Amends the Internal Revenue Code to increase, for the years 1979-80, the rate of tax on employment and self employment income for the purposes of the Old-Age, Survivors, and Disability Insurance Program of Title II of the Social Security Act and to decrease the rate for such years for the Hospital Insurance Program of Title XVIII (Medicare) of such Act.

Amends Title II (Old-Age, Survivors, and Disability Insurance) of the Social Security Act to increase allocations to the Disability Insurance Trust Fund for 1979 and 1980. Decreases the level of income subject to employment and self employment tax for such years.

Establishes the Hospital Insurance General Revenue Trust Fund. Provides for the deposit of general revenue funds into such Trust Fund to compensate for revenue losses due to lower tax rates during 1979-80. Creates a Board of Trustees for the Trust Fund and defines its membership and duties.