A bill to amend the Internal Revenue Code of 1986 to apply inflation adjustments to the additional hospital insurance tax on high income taxpayers.
The source supplies the latest action, but no lifecycle stage.
Latest action (22 Jul 2026): Read twice and referred to the Committee on Finance.
What this bill does
This bill, S. 5085, proposes to amend the Internal Revenue Code to adjust for inflation the thresholds that determine when high-income taxpayers must pay an additional hospital insurance tax. Specifically, it would apply cost-of-living adjustments to these dollar amounts each year beginning after 2026. Any resulting dollar amounts that are not a whole thousand dollars would be rounded up to the next thousand.
The bill affects individuals who are subject to the additional hospital insurance tax due to their high income. For those individuals, the income levels at which this tax applies would be updated annually to reflect changes in the cost of living. This could potentially change who is subject to the tax and when they become subject to it over time.
S. 5085 was introduced in the Senate on July 22, 2026, by Senator John Neely Kennedy. It has been read twice and referred to the Committee on Finance. The bill is currently in its initial stage of the legislative process.
Plain-English summary generated by Bill100 AI from the official record. Always verify against the source below.
Timeline
22 Jul 2026
Read twice and referred to the Committee on Finance.
Common questions
- What does S. 5085 do?
- This bill, S. 5085, proposes to amend the Internal Revenue Code to adjust for inflation the thresholds that determine when high-income taxpayers must pay an additional hospital insurance tax. Specifically, it would apply cost-of-living adjustments to these dollar amounts each year beginning after 2026. Any resulting dollar amounts that are not a whole thousand dollars would be rounded up to the next thousand. The bill affects individuals who are subject to the additional hospital insurance tax due to their high income. For those individuals, the income levels at which this tax applies would be updated annually to reflect changes in the cost of living. This could potentially change who is subject to the tax and when they become subject to it over time. S. 5085 was introduced in the Senate on July 22, 2026, by Senator John Neely Kennedy. It has been read twice and referred to the Committee on Finance. The bill is currently in its initial stage of the legislative process.
- Has S. 5085 become law?
- The source does not supply a confirmed lifecycle stage for S. 5085. Check the latest action and official source below.
- Who sponsored S. 5085?
- S. 5085 was sponsored by Sen. Kennedy, John [R-LA] (R-LA), with 0 cosponsors.
- What's the latest action on S. 5085?
- Read twice and referred to the Committee on Finance. (22 Jul 2026).
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A bill to amend the Internal Revenue Code of 1986 to apply inflation adjustments to the base amount and adjusted base amount for purposes of determining taxable social security benefits.
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