A bill to amend titles II and XVIII of the Social Security Act and chapters 2 and 21 of the Internal Revenue Code of 1954 to restore long-range soundness of the old age, survivors and disability insurance system, to repeal special statutory increases in the earnings base (leaving such base subject to annual adjustment as under prior law), to provide mandatory social security coverage for Federal employees, to establish a working spouse's benefit, to make appropriate adjustments in social security tax rates (generally lowering the OASDI rate through this century) and in Disability Insurance Trust Fund allocations, and to provide for partial financing of the Hospital Insurance program from general revenues.

Amends title II (Old-Age, Survivors, and Disability Insurance) of the Social Security Act to repeal the increases enacted by the Social Security Amendments of 1977 in the contribution and benefit base from which the social security taxes of an individual are taken.

Amends the Internal Revenue Code to increase the rate of tax established by the Social Security Financing Amendments of 1977 on wages received by the employees and paid by employers, and on the earnings of the self employed, for the purposes of title II of the Social Security Act. Reduces the tax rates established by the Social Security Financing Amendments of 1977 on employment and self employment income for purposes of title XVIII (Medicare) of the Social Security Act.

Amends title II of the Social Security Act and the Internal Revenue Code to include Federal employees within the coverage of the Social Security system.

Revises the allocations of wages and self-employment income from the Treasury to the Federal Disability Insurance Trust Fund until the year 2000 and increases such allocations thereafter. Establishes a "working spouse's benefit" under title II. Provides that any individual who receives both old-age benefits or a disability insurance benefit and wife's, husband's, widow's, widower's, or mother's insurance benefits shall be entitled to such working spouse benefit. States that such benefit shall be a percentage of the smaller of the two benefits to which the recipient was entitled.

Limits the receipt of such benefits to one member of a married couple when both members are eligible.

Increases by 100 percent, for taxable years beginning after 1978, allocations of wages and self-employment income from the Treasury to the Federal Hospital Insurance Trust Fund.