A bill to amend the Internal Revenue Code of 1954 to provide that amounts paid for health insurance will be allowed as a deduction without regard to the 3 per centum limitation on the medical deduction, to allow a deduction for one-half of the social security tax on self-employment income and for certain life insurance premiums, and for other purposes.

Summary

Amends the Internal Revenue Code to allow an unrestricted income tax deduction of amounts paid for health insurance. Allows self-employed individual taxpayers an income tax deduction for one-half of the social security tax on self-employment income. Provides for a limited income tax deduction for amounts paid by an individual for term life insurance. Extends these deductions to taxpayers who do not itemize income tax deductions.

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1 official file

• Introduced in House

  summary · EN · 2 March 1983

  Open at official source

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