Social Security Amendments

[AI summary unavailable — showing source text] Social Security Amendments - Amends the Internal Revenue Code to reduce the taxes on employees, employers, and self-employed individuals for purposes of old-age, survivors, and disability insurance. Amends Title II (Old-Age, Survivors, and Disability Insurance) of the Social Security Act to reduce the percentage of wages, and self-employment income as defined in the Internal Revenue Code, directed to the Federal Disability Insurance Trust Fund. Sets forth a new formula for the computation of the primary insurance amount of an individual. Sets forth a formula for determining the average indexed monthly earnings of an individual. Changes the formula for determining the average monthly wage. Prohibits the inclusion, for purposes of determining the average monthly wage and quarters of coverage of any individual, of self-employment income earned if it is determined that the income tax on such income for the taxable year in question has not been paid in full. Amends the Internal Revenue Code to authorize a deduction, for an individual, based on the amount of taxes imposed on the wages or self-employment income of such individual for old-age, survivors, and disability insurance and the ra…