A bill to repeal the increases in social security taxes which would otherwise be in effect in 1981 and 1982, while protecting the social security trust funds (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 to retain through 1984 the tax rates applicable for 1979 and 1980 to employers, employees, and self-employment income for old age, survivors and disability insurance and for hospital insurance.

Amends title II (Old Age, Survivors and Disability Insurance) of the Social Security Act to retain through 1984 the 1980 level of appropriations from general Federal revenues to the Federal Disability Insurance Trust Fund. Repeals the 1981 increase in the contribution and benefit base.

Specifies that the applicable rates of tax and the wages and self-employment income treated as reported, for purposes of determining appropriations to the Federal Old-Age and Survivors Insurance Trust Fund, the Federal Disability Insurance Trust Fund, and the Federal Hospital Insurance Trust Fund, shall be determined without regard to the rate modifications made by this Act. Amends title II and title XVIII (Medicare) of the Social Security Act to require the Secretary of the Treasury, in estimating amounts to be appropriated to such trust funds based on wages or self-employment income for taxable years 1981 through 1984, to do so without regard to such modifications.