WASHINGTON, D.C. (June 17, 2013) – Members of the Stop the HIT Coalition, a broad-based group representing the nation’s small business owners, their employees and the self-employed, today thanked the 219 cosponsors of legislation H.R. 763 to repeal the health insurance tax (HIT).
“The overwhelming support we have received from both Republicans and Democrats on this issue shows that Congress has made it a bipartisan priority to ensure health care remains affordable for business owners and the Americans they employ,” said Amanda Austin, director of federal public policy at the National Federation of Independent Business, a Stop the HIT Coalition member. “We will continue to work with members of Congress to fix this unintended consequence of the health care law and encourage the growth and expansion of small businesses across the nation.”
More than half of Americans either own or work for a small business and nearly 90 percent of American businesses have 20 or fewer employees. In support of National Small Business Week, the Stop the HIT Coalition is recognizing small business owners from across the country that are creating jobs and contributing to our nation’s overall economy.
“The stories of perseverance we hear, despite numerous challenges, are a testament to the strong entrepreneurial spirit that has helped define our country. From retail and grocery stores to hotels and local manufacturers, small businesses are contributing much-needed jobs and revenue into every U.S. community. Instead of implementing new challenges that stifle their growth, National Small Business Week reminds us to support our local businesses and protect the workers they employ.”
The HIT is a tax on health insurance policies sold in the fully-insured market. Since 88 percent of small businesses and the self-employed purchase their health insurance through the fully-insured market, the HIT will be borne overwhelmingly by the small business community in the form of higher premiums. A recent report from the NFIB Research Foundation found that this tax would reduce private sector employment by as many as 262,000 and reduce the nation’s GDP by as much as $185 billion by 2022.
Legislation to repeal the HIT has been introduced in both houses of Congress. S. 603 has 20 cosponsors and H.R. 763 recently achieved bipartisan majority support with 219 cosponsors.
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. For more information, please visit www.StopTheHIT.com.