S. 5085

119 S5085 IS: To amend the Internal Revenue Code of 1986 to apply inflation adjustments to the additional hospital insurance tax on high income taxpayers.
 U.S. Senate
 2026-07-22
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 Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.
 II  119th CONGRESS  2d Session  S. 5085  IN THE SENATE OF THE UNITED STATES   July 22, 2026   Mr. Kennedy  introduced the following bill; which was read twice and referred to the  Committee on Finance    A BILL
To amend the Internal Revenue Code of 1986 to apply inflation adjustments to the additional hospital insurance tax on high income taxpayers.
1.
Inflation Adjustment
(a)
Employment Taxes
 Section 3101  of the Internal Revenue Code of 1986 is amended by adding at the end the following new subsection:
(d)
Inflation adjustments
(1)
In general
In the case of any calendar year beginning after 2026, each of the dollar amounts in subparagraphs (A) and (C) of subsection (b)(2) shall be increased by an amount equal to—
(A)
such dollar amount, multiplied by
(B)
the cost-of-living adjustment determined under section (1)(f)(3) for such calendar year, determined by substituting  calendar year 2025  for  calendar year 2016  in subparagraph (A)(ii) thereof.
(2)
Rounding
If any amount as adjusted under paragraph (1) is not a multiple of $1,000, such amount shall be rounded to the next highest multiple of $1,000.
 .
(b)
Self-Employment Taxes
 Section 1401  of the Internal Revenue Code of 1986 is amended by adding at the end the following new subsection:
(d)
Inflation adjustments
(1)
In general
In the case of any taxable year beginning after 2026, each of the dollar amounts in clauses (i) and (iii) of subsection (b)(2)(A) shall be increased by an amount equal to—
(A)
such dollar amount, multiplied by
(B)
the cost-of-living adjustment determined under section (1)(f)(3) for the calendar year in which the taxable year begins, determined by substituting  calendar year 2025  for  calendar year 2016  in subparagraph (A)(ii) thereof.
(2)
Rounding
If any amount as adjusted under paragraph (1) is not a multiple of $1,000, such amount shall be rounded to the next highest multiple of $1,000.
 .