[Weekly Compilation of Presidential Documents Volume 31, Number 14 (Monday, April 10, 1995)]
[Page 557]
[Online from the Government Publishing Office, www.gpo.gov]

<R04>
Statement on Intent to Sign Self Employed Health Insurance Legislation

April 6, 1995

    I intend to sign H.R. 831 because it reinstates and expands a much 
needed law that allows 3.2 million self-employed Americans and their 
families to deduct 25 percent of the cost of their health insurance, 
increasing to 30 percent in 1995.
    This legislation is good for the country. I included it as part of 
my health reform bill last year because it restores fairness and 
security to an important group of Americans who work hard and play by 
the rules. Absent my approval of this legislation, almost 3.2 million 
self-employed workers--doctors, lawyers, farmers, artists, accountants--
would not be able to claim this deduction for health insurance premiums 
on their 1994 income tax returns. By making this deduction permanent, we 
are treating them more like other businesses, and we are making them 
more competitive. And by making health care more affordable, we are 
shrinking the ranks of the uninsured and expanding coverage for more 
middle class Americans.
    Because this health care benefit is so important, I will sign this 
legislation. But I am troubled by the fact that the conference committee 
took out a provision of law that simply would have required billionaires 
who made their money in this country to pay the taxes they owe. Instead, 
they decided to let them evade American income taxes by giving up their 
American citizenship. This is wrong. Billionaires who make their 
fortunes in this country ought to pay taxes here like everyone else. I 
am going to work to change this law in the future.
    In addition, this bill carves out a special exception for one 
pending deal. This is the kind of dealing that goes on all the time in 
Washington.
    That's why we need a line-item veto that covers both spending and 
special tax provisions. When I get it I can assure you I will use it to 
weed out special interest loopholes like the one in this bill.
    But because of the important benefits of this legislation to our 
Nation's self-employed and their families, I could not justify a veto. 
The economic and health care interests of 3.2 million Americans and 
their families are too important to be held hostage.