Washington, D.C. (April 25, 2014) – The Stop the Hit Coalition, a broad-based group representing the nation’s small business owners, their employees and the self-employed, today commented on the newly released U.S. Bank and Small Business Survey which found that the top concern for small business owners this year is the rising cost of healthcare.
“This study underscores the very serious impact the health insurance law is having on small businesses and the need for addressing the specific costs that are falling directly on their shoulders. Carrying this burden is proving to be too much for an already delicate economy as business owners are being forced to delay expansion and hiring. Small businesses need relief from stifling hindrances like the health insurance tax if we expect to keep the economy moving forward.”
The HIT is an often-overlooked aspect of the Patient Protection and Affordable Care Act (PPACA) that taxes health insurance policies purchased on the fully-insured market – the marketplace where 88 percent of small businesses and individuals buy insurance. Legislation to repeal the tax has been introduced in both houses of Congress. S. 603 and H.R. 763 combined have more than 250 bipartisan cosponsors, and legislation to provide relief from the HIT for two years (HR 3367) has over 40 bipartisan sponsors.