Max Baucus: “I rise today, as an original cosponsor of S. 29, the Self-Employed Health Insurance Fairness Act of 2001, to speak about…”

“I rise today, as an original cosponsor of S. 29, the Self-Employed Health Insurance Fairness Act of 2001, to speak about the importance of making health insurance a more affordable option for self-employed Americans. The legislation moves forward--by two years--the effective date for making health insurance fully deductible for self-employed taxpayers. In the early 1990s, I authored bills to ensure that the deduction--then 25 percent--would not expire. We won that battle, and throughout the 1990s I consistently fought for increases in the deductible amount. Finally, in 1997, we enacted legislation to allow full, 100 percent deductibility of health insurance for the self-employed, phased in by 2003. Mr. President, in these times of surpluses, as we reap the benefits of our fiscal discipline, the self-employed farmers, ranchers, and entrepreneurs in Montana and across the country deserve this important tax relief today. My small business and self-employed constituents constantly tell me that purchasing health insurance is one of the things they would most like to be able to do at their business. It is simply unfair that large businesses are allowed to deduct 100 percent of their employees' health insurance costs, while the self-employed must wait until 2003 for this privilege.”