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.

[AI summary unavailable — showing source text] Amends the Internal Revenue Code and the Social Security Act to exempt employees over age 65 from taxation under the Federal Insurance Contributions Act (FICA). Exempt self-employed individuals over age 65 from FICA taxation for hospital insurance. Reduces old age, survivors, and disability insurance taxation on self-employed individuals over age 65 to a two percent rate.…