Reduces by 50 percent the rates of tax levied on a self-employed individual for old age, survivors and disability insurance and hospital insurance if a physician has certified the individual as having a terminal disease or cancer throughout the taxable year. Applies the reduction if an individual's cancer is in remission only during the period the individual incurs significant costs (not reimbursed by insurance or otherwise) due to the disease. Specifies that if an individual is certified as having a terminal illness or cancer for only part of a taxable year, the reduction will be the number of percentage points that bears the same ratio to 50 as the portion bears to the taxable year.
Sets forth that this Act does not affect Social Security trust fund deposits or benefits under the Social Security Act.