Letter to the Editor that ran in Wyoming’s Casper Start Tribune on March 7, 2017.
Ball: HIT tax is hurting small businesses
Editor:
One of the things that most urgently needs fixing in Washington is the Obamacare tax on small business health care. This tax, known as the HIT tax, is driving small businesses out of business. I know, because I was an owner who struggled to afford health care for my family and employees. Ultimately, I decided to retire rather than continue to fight the headwinds. That makes me one of the lucky ones.
The problem is that the HIT tax directly raises premiums on small companies and the self- employed. While health care costs are already going through the roof, the HIT is projected to shovel an additional $145 billion from small businesses over the course of 10 years.
So why is this so timely right now? Many small and independent businesses are starting to look to 2018 benefits this quarter, and the prospect of having to account for this health care tax is forcing unwanted cost-cutting. Anything that hurts small and independent businesses also harms their employees. Many owners find themselves with no choice but to downgrade their health plans; or to ask employees to share more of their health care costs; or even worse, to cut back on raises and bonuses. That means everyone, from the top on down, is getting less return today on the same hard work we’ve always put in.
Wyoming is fortunate — our own Sen. John Barrasso is working in Congress to repeal the HIT tax. He’s been working to do away with the health insurance tax for the last few years. It’s hard to think of something that would benefit so many people at once, businesses and working families alike. Repealing this HIT tax is one of those rare good issues. John Barrasso, we stand with you to get this done.
KEN BALL, Casper