A bill to amend the Internal Revenue Code of 1954 to allow income tax deductions for social security taxes paid by employees and by the self-employed and for retirement contributions required to be made by Federal officers and employees.

Allows an income tax deduction under the Internal Revenue Code for social security taxes paid by employees and the self-employed pursuant to the Federal Insurance Contributions Act and for retirement payments made by railroad employees pursuant to the Railroad Retirement Tax Act.

Permits Federal employees to deduct retirement contributions required to be withheld from their pay.