A bill to repeal the increases in social security taxes which are presently scheduled to go into effect in 1981 and 1982, with the social security trust funds fully protected, through appropriations from the general fund in the Treasury, against any revenue losses they might otherwise sustain as a result of such repeal.

Amends the Internal Revenue Code and the Social Security Act to repeal the increases in social security taxes scheduled to go into effect in 1981 and 1982. Continues the tax rates for 1980 through 1984. Expresses as an objective of this Act the protection of the social security trust funds against any losses of revenue which they might otherwise sustain on account of such repeal.