Austin (March 28, 2013) -Texas may lose over 14,000 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 Texas will decline by between 7,751 and 14,135 by 2022 because of the increased costs associated with the HIT.
Texas’ 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 $4.1 billion.
“Businesses in Texas are struggling under unprecedented costs from taxes and regulations. We need to do all that we can to increase jobs, not reduce them,” said Will Newton, NFIB Texas director. “This destructive tax simply must go, if we are ever to return to the thriving culture of growth and entrepreneurship that Texans are accustomed to.”