A bill to amend the Internal Revenue Code of 1954 and title II of the Social Security Act to provide a full exemption (through credit or refund) from the employees' tax under the Federal Insurance Contributions Act, and an equivalent reduction in the self-employment tax, in the case of individuals who have attained age 65.

Amends the Internal Revenue Code and titles II (Old Age, Survivors and Disability Insurance) and XVIII (Medicare) of the Social Security Act to: (1) reduce the tax rates applicable to the self-employment income of individuals aged 65 or over for old age, survivors and disability insurance and eliminate the tax applicable to such income for hospital insurance; and (2) entitle employees who have attained age 65 to a credit or refund for any tax deducted by an employer for old age, survivors and disability insurance or hospital insurance.