Govwatch

[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[S. 5085 Introduced in Senate (IS)]

<DOC>

119th CONGRESS
  2d Session
                                S. 5085

     To amend the Internal Revenue Code of 1986 to apply inflation 
  adjustments to the additional hospital insurance tax on high income 
                               taxpayers.

_______________________________________________________________________

                   IN THE SENATE OF THE UNITED STATES

                             July 22, 2026

  Mr. Kennedy 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 apply inflation 
  adjustments to the additional hospital insurance tax on high income 
                               taxpayers.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. INFLATION ADJUSTMENT.

    (a) Employment Taxes.--Section 3101 of the Internal Revenue Code of 
1986 is amended by adding at the end the following new subsection:
    ``(d) Inflation Adjustments.--
            ``(1) In general.--In the case of any calendar year 
        beginning after 2026, each of the dollar amounts in 
        subparagraphs (A) and (C) of subsection (b)(2) shall be 
        increased by an amount equal to--
                    ``(A) such dollar amount, multiplied by
                    ``(B) the cost-of-living adjustment determined 
                under section (1)(f)(3) for such calendar year, 
                determined by substituting `calendar year 2025' for 
                `calendar year 2016' in subparagraph (A)(ii) thereof.
            ``(2) Rounding.--If any amount as adjusted under paragraph 
        (1) is not a multiple of $1,000, such amount shall be rounded 
        to the next highest multiple of $1,000.''.
    (b) Self-Employment Taxes.--Section 1401 of the Internal Revenue 
Code of 1986 is amended by adding at the end the following new 
subsection:
    ``(d) Inflation Adjustments.--
            ``(1) In general.--In the case of any taxable year 
        beginning after 2026, each of the dollar amounts in clauses (i) 
        and (iii) of subsection (b)(2)(A) shall be increased by an 
        amount equal to--
                    ``(A) such dollar amount, multiplied by
                    ``(B) the cost-of-living adjustment determined 
                under section (1)(f)(3) for the calendar year in which 
                the taxable year begins, determined by substituting 
                `calendar year 2025' for `calendar year 2016' in 
                subparagraph (A)(ii) thereof.
            ``(2) Rounding.--If any amount as adjusted under paragraph 
        (1) is not a multiple of $1,000, such amount shall be rounded 
        to the next highest multiple of $1,000.''.
                                 <all>
A bill to amend the Internal Revenue Code of 1986 to apply inflation adjustments to the additional hospital insurance tax on high income taxpayers.

Full Text
