S. 2962 — Introduced in Senate

II 113th CONGRESS 2d Session S. 2962 IN THE SENATE OF THE UNITED STATES November 20, 2014Mr. Toomey introduced the following bill; which was read twice and referred to the Committee on Finance A BILL To repeal the tax increase imposed by Obamacare on taxpayers who incur catastrophic medical expenses. 1. Short title This Act may be cited as the Medical Expense Deduction Act. 2. Repeal of increase in minimum deduction for medical, dental, etc., expenses (a) In general Subsection (a) of section 213 of the Internal Revenue Code of 1986 is amended by striking 10 percent and inserting 7.5 percent. (b) Effective date The amendment made by this section shall apply to taxable years beginning after December 31, 2014.