A bill to amend the Internal Revenue Code of 1954 to provide individuals a deduction for the amount of certain social security taxes.

[AI summary unavailable — showing source text] Allows, under the Internal Revenue Code, a tax deduction equal to the amount of social security taxes imposed on self-employed income or on employees under the Federal Insurance Contributions Act. Reduces such deduction by an amount equal to one twentieth of the excess of the adjusted gross income over the exemption amount.…