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Tax Deduction Changes and New Medicare Vision and Hearing Fund

This act modifies how state and local taxes can be deducted for high-income individuals, potentially affecting their tax burden. It also establishes a new fund to finance vision and hearing benefits under the Medicare program, potentially improving access to these services for eligible citizens.
Key points
Limits on State and Local Tax (SALT) deductions for individuals with adjusted gross income of $400,000 or more ($200,000 for married filing separately).
Complete denial of SALT deductions for individuals with assets of $1 billion or more.
Creation of a new Medicare Vision and Hearing Trust Fund, financed by revenue from the modified tax deduction rules.
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Status:
Expired
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Additional Information
Print number: 117_HR_6847
Sponsor: Rep. Malinowski, Tom [D-NJ-7]
Process start date: 2022-02-25