A new infographic released today by the Stop the HIT Coalition details how those with lower incomes pay a greater share of the Health Insurance Tax (HIT) than those with higher incomes.
The HIT is a multi-billion-dollar tax imposed on health insurance premiums, making health care less affordable for those most in need of relief.
In 2016, it’s estimated that those making between $10,000 – $29,000 annually will bear the brunt of the HIT, paying nearly $4 billion in premium increases. Contrast that with income earners greater than $500,000 who only pay around $58 million.
As this infographic details, approximately half of the entire premium increase from the HIT is paid by those with incomes between $10,000 – $50,000.
The Stop The HIT Coalition applauds Members of Congress on both sides of the aisle for coming together to suspend the impact of the HIT for a year. We urge Congress to take the next necessary step and repeal the HIT, which is simply an unjust and harmful tax on those most in need of relief.