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 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.…