Medicare Catastrophic Coverage Surtax Repeal Act - Amends the Medicare Catastrophic Coverage Act of 1988 to repeal the supplemental Medicare premium.

Amends the Internal Revenue Code to extend the existing 33 percent individual income tax rate to the highest income taxpayers. Repeals the phase-out of the 15 percent rate and personal exemptions. Establishes a maximum capital gains rate at 28 percent.

Amends title XVIII (Medicare) of the Social Security Act to provide for funding medicare catastrophic benefits by the extension of the individual income tax rate. Makes appropriations of relevant amounts to the following trust funds: (1) the Federal Hospital Insurance Catastrophic Coverage Reserve Fund; (2) the Federal Supplementary Medical Insurance Trust Fund; and (3) the Federal Catastrophic Drug Insurance Trust Fund.