Small business groups are fighting back against the Patient Protection and Affordable Care Act’s health insurance tax and throwing their support to new legislation that would repeal it, arguing that the tax will kill a lot of private sector jobs.
The National Federation of Independent Business Research Foundation on Tuesday released an updated study predicting that the rise in cost of employer-sponsored insurance stemming from the tax will result in a reduction in private sector employment of 146,000 to 262,000 jobs by 2022, with 59 percent of the job losses coming from small businesses.
A group of small business owners, their employees and the self-employed also have formed a coalition called “Stop the HIT,” that has been working to repeal the tax.