The Thanksgiving holiday is an opportunity to step back and take stock of the things for which you’re grateful. For the Stop the HIT Coalition and 34 million Americans set to be affected by the small business health insurance tax (HIT) in the Patient Protection and Affordable Care Act (PPACA), that means appreciating Members of Congress who have stepped forward and are working toward ensuring the HIT does not take effect as scheduled on Jan. 1.
Beginning in just 28 days, the HIT will hurt our nation’s small employers – the folks responsible for two out of every three new jobs created – by raising costs on the small businesses that purchase health insurance for their employees. During the first decade of the tax, small business owners will be forced to pay $5,000 per employee more. These costs will either come out of businesses bottom lines, hurting their ability to grow and provide high quality pay and benefits, or directly out of the pockets of employees of small businesses themselves in the form of higher premiums. Either scenario is damaging for families, the economy and the country as a whole.
Thankfully, there are efforts underway to prevent this harmful tax from taking effect.
The bipartisan Jobs and Premium Protection Act, which would completely repeal the small business HIT, has gained support from 255 sponsors the House and Senate. We are especially thankful for the bill’s sponsors, Reps. Charles Boustany (R-La.) and Jim Matheson (D-Utah) and Sens. Orrin Hatch (R-Utah) and Sen. John Barrasso (R-Wyo.) for taking the lead on this important issue.
While full repeal of the HIT is, and will continue to be, the ultimate goal, small businesses and their employees need a reprieve. With that in mind, another bipartisan bill was introduced in October to provide immediate relief from the HIT. That bill, the Small Business and Family Relief Act, would provide delay implementation of the HIT for two years as we continue our work to educate Congressional leaders about the importance of fully repealing this onerous tax. Congressmen Boustany and Ami Bera (D-Calif.) deserve the credit and thanks for taking ownership of this important issue.
Our efforts to prevent the HIT from taking effect continue – but time is running out. Contact your Member of Congress to share your concerns about the HIT and follow us on Facebook and Twitter for more information.