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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.
article Official text account_balance Process page
Expired
Citizen Poll
No votes cast
Additional Information
Print number: 117_HR_6847
Sponsor: Rep. Malinowski, Tom [D-NJ-7]
Process start date: 2022-02-25
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Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

SALT Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_HR_6847.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2022-02-25.

What are the main provisions?

Key points include:

  • 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.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Malinowski, Tom [D-NJ-7].

What is the latest detailed status?

The latest detailed status is: Referred to the Subcommittee on Health.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-28.

CATEGORIES

Taxes Health