A bill to amend title II of the Social Security Act so as to provide that the deduction from benefits due to excess earnings shall be reduced to $1 for each $3 of earnings on those earnings in excess of a floor amount but not less than twice such floor amount.

Amends Title II (Old-Age, Survivors, and Disability Insurance) of the Social Security Act to increase to $3,000 the amount of outside earnings which is permitted an individual each year without any deduction from benefits under Title II. Decreases the amount of deduction for such excess wages from 50 to 33 1/3 percent. Imposes a 50 percent deduction on all income over $6,000.