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.

Amends the Internal Revenue Code and title II of the Social Security Act with respect to an individual who has attained age 65 to provide for: (1) a reduced OASDI tax rate and a zero hospital tax rate on self-employment income; and (2) a full credit or refund of any FICA taxes and certain other employment taxes paid on wages received in or after the month of such 65th birthday.