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 per centum limitation on the medical deduction, and for certain life insurance premiums, and for other purposes.

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

Allows a deduction for one-half of the self-employment tax imposed on the income of an individual taxpayer.

Allows a deduction for the amounts paid by an individual for term life insurance. Limits the deductible amount for the cost of insurance where there is more than $50,000 of term insurance coverage. Extends the deductions for amounts paid for health and life insurance premiums to taxpayers who do not itemize income tax deductions.