H.R. 111 proposes changes to the Internal Revenue Code of 1986 to allow individuals to deduct the cost of health insurance premiums from their taxable income, even if they do not itemize other deductions. The bill outlines that this deduction is for the taxpayer, their...
Simple Explanation
H.R. 111 is a plan that would let people pay less in taxes by allowing them to subtract the money they spend on health insurance from their income, even if they don't usually itemize deductions. This change is meant to make paying for health insurance easier and would start in 2025.