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, and for certain life insurance premiums, and for other purposes.

[AI summary unavailable — showing source text] Amends the Internal Revenue Code to allow the unrestricted deduction of amounts paid for health insurance. Allows a deduction for one-half of the self-employment tax imposed on the income of an individual taxpayer. Allows a deduction for the amounts paid by an individual for term life insurance. Limits the deductible amount for the cost of insurance where there is more than $50,000 of term insurance coverage. Extends the deductions for amounts paid for health and life insurance premiums to taxpayers who do not itemize income tax deductions.…