News Release
« BackOne Voice Supports Health Care Tax Credit for Self-Employed
Tuesday, July 20, 2010
One Voice encourages Congress to support a provision in the Senate’s recently released Small Business Jobs Act of 2010 that would allow self-employed business owners to deduct the cost of health insurance incurred in 2010 for themselves and their family members in the calculation of their 2010 self-employment tax.
Although current law allows employees to deduct 100 percent of the costs of employer-provided healthcare from their income and FICA taxes, an imbalance still exists among entrepreneurs. Despite the continued economic contributions of the self-employed community, these entrepreneurs are not permitted to deduct any healthcare costs from self-employment taxes.
The provision in the Senate legislation would provide a level playing field by allowing the self-employed the same business deduction for health care costs that all other business entities currently receive. Changing the law in this manner will bring much needed parity in the tax code and to the health insurance marketplace.
Next Story: Progress Being Made on Manufacturing Strategy Bill