About the HIT
What is the HIT?
The Health Insurance Tax—or HIT—is a devastating tax imposed on health insurance premiums through the Affordable Care Act (ACA). The HIT has resulted in skyrocketing health insurance costs disproportionately skewed to hurt small businesses and middle income Americans.
Who Gets HIT?
The HIT is a poorly constructed tax that takes aim at Main Street Americans:
- Small Business Owners
- Low and Middle Income Families
- Medicare and Medicaid Beneficiaries
- Young workers struggling to afford health insurance
How Hard Does It HIT?
- The HIT will cost working families roughly $5,000 in higher premiums over a decade.
- Half of the entire tax hike is paid by those with incomes between $10,000-$50,000.
- The HIT is levied on participants in the fully-insured market, where 87 percent of small businesses purchase their health insurance.
- 95% of small business owners have seen their health plan premiums increase in recent years.
- Over a decade, 152,000 to 286,000 private sector jobs will be lost as a result of the HIT, 57 percent of which will come from small businesses.
Common Sense, Bipartisan Reform
H.R. 246, the Jobs and Premium Protection Act, is bipartisan legislation that would immediately repeal the HIT. Introduced at the start of the 115th Congress, H.R. 246 already has over 140 bipartisan cosponsors.
The Clock Is Ticking
On February 1, 2017, the Health Insurance Tax began driving up the costs of health insurance premiums for millions of Americans as small businesses began renewing their coverage. Congress must act now to repeal the HIT.