For Immediate Release
Remember This Number: 29 Million
Washington, DC – That’s how many small business owners will face a massive tax increase when the health insurance tax (HIT) returns in 2018. Ahead of tomorrow’s Senate HELP Committee hearing on steps needed to stabilize the individual market, the Stop The HIT Coalition urged committee members to prioritize HIT relief as part of any legislative package to lower premiums and improve affordability for consumers (download a copy of the letter here).
The letter notes that, “Absent immediate Congressional action, our members as well as seniors, Medicaid beneficiaries, and individuals purchasing coverage on their own will face a $14.3 billion tax hike, driving up the cost of coverage for those struggling to afford the cost of care.”
Extending HIT relief is a major priority for the business community. In the Wall Street Journal, Neil Bradley, chief policy officer for the U.S. Chamber of Commerce said, “…We need to shift to ‘what can we do in the interim to stabilize the insurance market…Clearly if the concern is premiums, one of those things is a continued suspension of the health insurance tax.”
Stop The HIT Coalition members have been meeting with members of Congress over the August recess asking them to prioritize HIT relief in the next several weeks. To see the highlights, click here. For more on the impact of the HIT on premiums, click here.
About Stop The HIT: The Stop The HIT Coalition represents the nation’s small business owners, their employees and the self-employed who are actively working to repeal the Health Insurance Tax. Since the Coalition’s formation in 2011, it has grown to include more than 35 national organizations, representing millions of small business owners across the country.
Additional information may be found at www.stopthehit.com | Twitter: @StopTheHIT | YouTube: https://www.youtube.com/user/StopTheHIT | Blog: http://www.stopthehit.com/blog | Facebook: https://www.facebook.com/StopTheHIT