Social Security Refinancing Amendments of 1981

Social Security Refinancing Amendments of 1981 - Title I: Financing of Old Age, Survivors and Disability Insurance Program - Amends the Internal Revenue Code to reduce the tax rates applicable to employers, employees, and self-employment income for old age, survivors and disability insurance. Amends title II (Old Age, Survivors and Disability Insurance) of the Social Security Act to adjust the level of allocations from employment tax revenues to the Federal Disability Insurance Trust Fund.

Title II: Financing of Medicare Program - Eliminates taxation of employers, employees, and self-employed individuals for purposes of hospital insurance beginning in the 1981 calendar year. Amends title XVIII (Medicare) of the Social Security Act to provide financing for the Medicare program with appropriations from general revenues earmarked by the Secretary of the Treasury in consultation with the Secretary of Health and Human Services. Bases such appropriations on the expected needs of the Federal Hospital Insurance Trust Fund in each fiscal year allocated among individual tax receipts according to a specified formula. Requires an equal amount to be allocated from corporate tax returns. Directs each Advisory Council on Social Security after 1981 to submit a separate report on the Medicare program and its financing.

Title III: Miscellaneous Provisions - Directs the Secretary of the Treasury to print on each individual tax form notice of the amount of the individual's Federal income tax which will be allocated to the Medicare program.