International Social Security Agreements Act

International Social Security Agreements Act - Amends Title II (Old Age, Survivors, and Disability Insurance) of the Social Security Act to authorize the President to enter into agreements establishing reciprocal arrangements between the Old Age, Survivors, and Disability Insurance program established by such Title and the social security system of any foreign country.

Sets forth regulations governing the apportionment of benefits and the crediting of coverage based on periods of coverage in this country and a foreign country.

Directs the Secretary of Health, Education, and Welfare to make rules and regulations and to establish procedures which are reasonable and necessary to implement and administer any agreement which has been entered into in accordance with this Act.

Amends the Internal Revenue Code of 1954 to exempt from taxation any wages or self-employment income to the extent that such income is subject to taxes under the social security system of a signatory country. Disallows deductions or credits against the income tax of an individual for taxes paid to a signatory country with respect to any period of employment or self-employment covered under the social security system of such country.