Halt Tax Increases on the Middle Class and Seniors Act

Bill: 114-s-3339
Sponsor: full_name: Sen. McCain, John [R-AZ]
Introduced: 2016-09-15
Policy area: Taxation
Latest action: action_date: 2016-09-15
text: Read twice and referred to the Committee on Finance.

Summaries:
action_date: 2016-09-15
action_desc: Introduced in Senate
text: <p><strong>Halt Tax Increases on the Middle Class and Seniors Act</strong></p> <p> This bill amends the Internal Revenue Code to roll back the increased threshold for determining the amount of the tax deduction for medical expenses. Currently, individual&nbsp;taxpayers under age 65&nbsp;may only deduct those medical expenses that exceed 10% of their adjusted gross income. This bill reduces that percentage to 7.5% for all taxpayers for tax years beginning after December 31, 2015. &nbsp;</p> <p>The threshold percentage remains at 10% for purposes of computing the alternative minimum tax (AMT). </p>

tv_txt: II 114th CONGRESS 2d Session S. 3339 IN THE SENATE OF THE UNITED STATES September 15, 2016 Mr. McCain introduced the following bill; which was read twice and referred to the Committee on Finance A BILL To amend the Internal Revenue Code of 1986 to repeal the increase in the income threshold used in determining the deduction for medical care.

1. Short title This Act may be cited as the Halt Tax Increases on the Middle Class and Seniors Act . 2. Repeal of increase in income threshold for determining medical care deduction (a) In general Section 213(a) of the Internal Revenue Code of 1986 is amended by striking 10 percent and inserting 7.5 percent . (b) Conforming amendments (1) Section 213 of such Code is amended by striking subsection (f). (2) Section 56(b)(1)(B) of such Code is amended by striking without regard to subsection (f) of such section and inserting by substituting 10 percent for 7.5 percent . (c) Effective date The amendments made by this section shall apply to taxable years beginning after December 31, 2015.