H.R.4340 - 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 percent 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.97th Congress (1981-1982)
|Sponsor:||Rep. McEwen, Bob [R-OH-6] (Introduced 07/30/1981)|
|Committees:||House - Ways and Means|
|Latest Action:||House - 08/04/1981 Referred to Subcommittee on Health. (All Actions)|
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Summary: H.R.4340 — 97th Congress (1981-1982)All Information (Except Text)
Introduced in House (07/30/1981)
Amends the Internal Revenue Code to allow an unrestricted 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- employed 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.