WASHINGTON Rep. Virginia Foxx, R-N.C., has introduced legislation to prevent tax-favored health savings accounts from being used to fund elective abortion. Foxx, who represents N.C.’s 5th Congressional District and is chairwoman of the House Committee on Education and the Workforce, is an active and well-known pro-life voice in Congress.”Few things demean the sanctity of human life more than elective abortion,” said Foxx. “It is unconscionable to force millions of taxpayers who hold that view to provide tax advantages for abortion expenses, particularly when such advantages are barred for other controversial uses.”Individuals with high deductible health insurance plans are eligible to open health savings accounts. Contributions to the accounts are tax deductible while the interest or other earnings on the assets in the accounts are tax-free. Participants can withdraw funds from the accounts on a tax-free basis to cover qualified medical expenses. Congress has already established limits on withdrawals from health savings accounts by establishing qualified medical expenses. Certain procedures such as elective cosmetic surgeries have been excluded from eligibility. Similarly, H.R. 2019 removes elective abortion as a qualified medical expense. Rep. Chris Smith, R-N.J., is an original co-sponsor of the legislation.
WASHINGTON, D.C. President Donald Trump this week called tax code revisions a critical way to boost the nation’s economy as he kicked off a White House meeting with chief executive officers of Target, Best […]
SAINT PAUL, Minn. – A judge on Tuesday ordered the state of Minnesota to fund its legislature until Oct. 1 while litigation challenging a gubernatorial veto works its way through the legal system. Democratic Governor […]
RALEIGH — Last week’s power outage on the southern Outer Banks that led to the evacuation of about 50,000 people and brought parts of the coastal region’s tourism industry to a screeching halt is still […]