News Item

Biz News: Small Business Group Predicts Job Losses From Obamacare Taxes

SACRAMENTO – A small business coalition is raising concerns over how the new health insurance tax triggered by Obamacare will impact California jobs.

The Stop the HIT Coalition, representing many small business owners, cited a study by the National Federation of Independent Business Research Foundation that predicts total employment in California will decline as a direct result of the new tax.

The same study predicted that California’s gross domestic product will be reduced by at least $8.9 billion over the next decade because of the tax.

The coalition claims that the Patient Protection and Affordable Care Act, also known as Obamacare, will impose more $100 billion in new taxes on the small business community over a decade.

“Businesses in California already face significant regulatory and economic barriers to growth,” said Amanda Austin, NFIB director of federal policy. “Adding a tax that will cost the state jobs and revenue when we need to focus on rebuilding our economy is simply the wrong approach.”