A bill to amend title II of the Social Security Act and the Internal Revenue Code of 1954 to provide that an individual who has attained age 65 may elect to treat any employment or self-employment performed by him as not covered for social security benefit purposes and exempt from social security taxes.

Amends Title II (Old-Age, Survivors, and Disability Insurance) of the Social Security Act and the Internal Revenue Code of 1954 to allow an individual who has attained age 65 to elect to treat any employment or self-employment performed by him as not covered for social security benefit purposes and exempt from social security taxes. Requires that such election be irrevocable for such taxable year. Sets forth the applicability of, manner of, and special refunds arising out of, such exemption.