A bill to amend the Social Security Act and the Internal Revenue Code of 1954 to make social security coverage completely optional for both present and future workers, to freeze benefit levels, to provide for the partial financing of future benefits from general revenues subject to specified conditions, to eliminate the earnings test, to make changes in the tax treatment of IRA accounts, and for other purposes.

Title I: Social Security Coverage on Optional Basis for Both Present and Future Workers - Amends title II (Old Age, Survivors and Disability Insurance) of the Social Security Act and the Internal Revenue Code to require individuals who have not been credited with one or more quarters of coverage to elect to be covered under the Old Age, Survivors and Disability Insurance program. Permits present workers to elect to be exempt from coverage under the Old Age, Survivors and Disability Insurance program. Makes such an election irrevocable. Requires the Secretary of Health and Human Services to issue cards or certificates indicating an individual's coverage status.

Title II: Elimination of Earnings Test - Amends title II of the Social Security Act to remove the limitation on the amount of outside income which a beneficiary may earn without incurring a reduction in benefits.

Title III: Benefit Levels and Financing - Provides that primary insurance amounts shall remain at the 1983 levels. Requires the Secretary to notify beneficiaries within 30 days after enactment of this Act that OASDI benefits will not be increased above their current level.

Requires that appropriations to the Federal Old-Age and Survivors Insurance Trust Fund and to the Federal Disability Insurance Trust Fund be increased in any fiscal year in which the appropriations to the trust funds would be insufficient to provide for the payment of OASDI benefits (with an adequate reserve for contingencies).

Exempts OASDI benefits from Federal, State, and local taxation.

Title IV: Amendments of the Internal Revenue Code of 1954 - Amends the Internal Revenue Code to increase from $2,000 to $5,000 the maximum amount of contributions to a retirement savings account allowable as a deduction.

Repeals the requirement that investments by an individual retirement account in collectibles be treated as distributions from such account.

Repeals the prohibition on investments by individual retirement accounts in life insurance contracts.

Allows a deduction for expenses paid during the taxable year for health insurance for the taxpayer and his or her spouse and dependents.