WASHINGTON, D.C. – U.S. Senator Jim Inhofe (R-Okla.) today made the following statement about the “Health Care Equity Act,” (S. 2835), legislation introduced by U.S. Senators Jim DeMint (R-S.C.) and Jon Kyl (R-Ariz.).
“The Health Care Equity Act will help millions of Americans by offering more affordable and equitable health insurance,” Senator Inhofe said. “This legislation provides equal access to quality health insurance for individuals struggling to afford private health care, giving them the same tax benefits as those with employer-sponsored coverage. The legislation also creates more flexibility within Health Savings Accounts by allowing Americans to make tax-free withdrawals to pay plan premiums.”
Currently, while individuals without employer-sponsored coverage can only deduct health insurance costs exceeding 7.5% of their adjusted gross income, individuals with employer-sponsored coverage pay no income taxes on employer contributions for health insurance. They are also able to exclude their own portion of health insurance premiums from income taxes if they receive employer-sponsored coverage.
Inhofe is an original co-sponsor of the Health Care Equity Act. Senators Tom Coburn (R-Okla.), John Thune (R-S.D.), Richard Burr (R-N.C.), Saxby Chambliss (R-Ga.), Bob Corker (R-Tenn.), Lindsey Graham (R-S.C.), Larry Craig (R-Idaho), Kay Bailey Hutchison (R-Texas), Johnny Isakson (R-Ga.), Mel Martinez (R-Fla.), and David Vitter (R-La.) are also co-sponsors.