In 2014, 1.7 million U.S. small businesses, and the millions of Americans they employ, saw their insurance premiums go up as a result of the new health insurance tax (HIT), a provision of the Patient Protection and Affordable Care Act (PPACA).
To prevent significant job loss and increased healthcare costs for millions, Congress must repeal this harmful tax. If we do not take action, the HIT will undoubtedly have a devastating effect on the national economy and job creation, including:
- Reducing take home pay for the average small business employee with a family plan at a cost of $500 per year.
- Costing small businesses $101.7 billion in the first decade, increasing to $208 billion in the second 10 years.
- Limiting the creation of new American small businesses and jobs, while eliminating planned expansions and additional jobs at existing enterprises.
- Forcing small businesses to make difficult decisions on whether to increase the costs employees must pay for their health care coverage, reducing their hours or laying off workers or closing their altogether.
- Intensifying the current level of economic uncertainty held among small businesses in the economy and ability to invest in the future.
I am signing this petition to ask Congress to pass the bipartisan legislation to repeal this onerous tax and encourage economic growth, not stifle it.