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 percent limitation on the medical deduction, to allow a deduction for one-half of the social security tax on self-employment income and for certain life insurance premiums, and for other purposes.

Amends the Internal Revenue Code to allow an unrestricted deduction of amounts paid for health insurance.

Allows self-employed individual taxpayers an income tax deduction for one-half of the social security tax on self- employed income.

Provides for a limited income tax deduction for amounts paid by an individual for term life insurance.

Extends these deductions to taxpayers who do not itemize income tax deductions.