A news release yesterday from Representative Antonio Delgado (D., N.Y.) stated that, “Today, [Rep. Delgado] and Representative John Joyce, M.D. (PA-13) introduced the Tax Fairness for the Self-Employed Act, bipartisan legislation that would make changes to the tax code to level the playing field for self-employed small business owners by making sure that self-employed individuals can access the same tax deductions as corporations when it comes to health insurance premiums. The bill would allow the over 1.7 million self-employed individuals in New York to deduct their health care premiums as a business deduction, saving self-employed individuals an average of $750 a year.
“‘Small businesses and self-employed owners are paying too much in taxes. Many family farmers are self-employed owners and during this down farm economy, our out-of-date tax code leaves farmers and self-employed business owners behind by failing to allow them to deduct health insurance premiums as a business expense.’ Delgado continued, ‘I’m proud to introduce the Tax Fairness for the Self-Employed Act, bipartisan legislation to level the playing field for small business owners and ensure that self-employed individuals receive the same tax benefits as corporations when it comes to health insurance costs. This common sense legislation will lower small business owners’ health care costs, and put more money into the pockets of New York’s self-employed.’
“‘As a both a physician and someone who has built a business from the ground up, I understand that health care costs for self-employed individuals are far too high. The Tax Fairness for the Self-Employed Act is a common sense reform that will level the playing field between hardworking small business owners and corporations when it comes to health care. This measure will be especially helpful to the farmers of Pennsylvania’s 13th District, many of whom are self-employed. One of my primary goals in Congress is to reduce health care costs for my constituents, and I urge House leadership to take up this bipartisan legislation as soon as possible so that goal can be accomplished,’ said Congressman Joyce.”
Yesterday’s update added that, “The Tax Fairness for the Self-Employed Act has been endorsed by the New York Farm Bureau.”
