To amend the Internal Revenue Code of 1986 to allow an above-the-line deduction for health insurance premiums.

Bill 118 hr 109, also known as the Health Insurance Premiums Deduction Act, aims to make a change to the Internal Revenue Code of 1986. The bill proposes to allow individuals to deduct their health insurance premiums from their taxes as an above-the-line deduction. This means that individuals would be able to deduct their health insurance premiums before calculating their adjusted gross income, making it easier for them to receive a tax benefit for their healthcare expenses.

The bill does not specify any limitations on who can take advantage of this deduction, so it would likely apply to all individuals who pay for their own health insurance premiums. This could potentially benefit a wide range of people, including self-employed individuals, freelancers, and those who do not receive health insurance through their employer.

Supporters of the bill argue that allowing individuals to deduct their health insurance premiums would help make healthcare more affordable for all Americans. By providing a tax benefit for these expenses, individuals may be more likely to purchase health insurance and seek necessary medical care. Opponents of the bill may argue that it could lead to a decrease in tax revenue for the government, potentially impacting funding for other programs. They may also argue that the bill does not go far enough in addressing the larger issues of healthcare affordability and access in the United States. Overall, the Health Insurance Premiums Deduction Act aims to provide a tax benefit for individuals who pay for their own health insurance premiums, potentially making healthcare more affordable for many Americans.