In 2014, tens of millions of Americans saw an increase in their health insurance premiums as a result of the HIT tax being included in the Patient Protection and Affordable Care Act. The HIT takes aim at Main Street America, hitting the pocketbooks of working families, stifling small business job creation and impacting our most vulnerable citizens: the poor and seniors.
Congress must act to provide relief from this harmful and poorly constructed tax. Twice they have some together to suspend the HIT – for 2017 and 2019. While this is a welcome and critical first step, Americans need relief now and for the future.
Providing HIT relief is common sense, bipartisan reform. If we do not take action, the HIT will undoubtedly have a devastating effect on the national economy, including:
- Costing families an additional $5,000 in higher premiums over the next decade.
- Stifling job creation to the tune of hundreds of thousands of jobs lost.
- Busting state budgets by increasing the cost of providing Medicaid health plans by $1,530 per enrollee over the next decade
- Making it more difficult for states to provide safety-net coverage to Medicaid and Medicare beneficiaries.
- Lowering real GDP by between $20 billion and $33 billion by 2023.
The cost of the HIT increases year-over-year and disproportionately impacts hardworking families making between $10,000 – $50,000 a year, small business owners and their employees, seniors and young workers. Congress must prioritize efforts to provide relief from the HIT now, before it’s too late.
Take action now: tell Congress to #StopTheHIT!