News Item

New NFIB Study Predicts Job Loss In Massachusetts Under New Health Insurance Tax

Massachusetts may lose over 1,000 jobs as a result of a little known provision of the new healthcare law called the Health Insurance Tax (HIT). A study released today by the National Federation of Independent Business (NFIB) Research Foundation showed total employment in Massachusetts will decline by between 656 and 1,194 by 2022 because of the increased costs associated with the HIT.

Massachusetts’ overall gross domestic product will also be reduced as a result of the tax. Over the next decade, cumulative lost sales among small businesses will be at least $700 million.

“Massachusetts is one of the most difficult places in the country in which to run a business and the cost of health insurance here is more expensive than it is almost anywhere else,” said NFIB Massachusetts state director Bill Vernon. “The HIT tax makes both of those problems worse for small business and it should be repealed.”