King proposes eliminating tax on health insurance

Health InsuranceFrom Press Release


U.S. Rep. Steve King (R-IA 4) released the following statement after re-introducing H.R. 2812, the Tax Free Health Insurance Act, which would eliminate taxes on health insurance for those in the individual market.

“With decision of King v. Burwell expected by the end of June, there is widespread agreement that Americans deserve policies that will offer healthcare solutions, not temporary fixes that will cause even more financial distress for consumers,” he said. “That is why I introduced the ObamaCare Repeal Act when the House convened in January, and that is why I have introduced the Tax Free Health Insurance Act today.”

He added, “This important legislation would make every health insurance policy fully tax deductible.  In 2012, there were 20.9 million insured Americans who were compelled to pay their premiums with after tax dollars. This includes small business owners who own an LLC, LP, Sole Proprietorship or S-Corps that can deduct their employees’ health insurance, but are unable to deduct their own premiums. ObamaCare now commands them to buy an even more expensive policy but denies the premium expense as a deduction.

“My bill fixes this inequity in the tax code and ensures that all people, no matter their tax situation, can deduct their health insurance premiums. The economic impact of the Tax Free Health Insurance Act will place extra dollars back into the pockets of taxpayers, especially small businesses. If enacted into law, the Tax Free Health Insurance Act would stand as good policy before and after the repeal of ObamaCare.”