Reduces the rate of tax imposed under the Internal Revenue Code of 1954 on the self-employed, employees, and employers for the payment of the cost of the old-age, survivors, and disability insurance and the hospital insurance programs of the Social Security Act. Increases the Contribution and benefit base for tax determination purpose under the old-age, survivors, and disability insurance program. Increases by 50 percent the annual Federal contribution to the Federal Old-Age and Survivors Insurance Trust Fund.