NFIB Commends Reps. Charles Boustany and Jim Matheson for Introducing Bipartisan Legislation to Repeal Health Insurance Tax (HIT) on Millions of...
Targeted News Service
NFIB Commends Reps. Charles Boustany and Jim Matheson for Introducing Bipartisan Legislation to Repeal Health Insurance Tax (HIT) on Millions of Small Businesses, Workers and the Self Employed

WASHINGTON, Feb. 15 -- The National Federation of Independent Business issued the following news release:

The National Federation of Independent Business (NFIB) commended U.S. Representatives Charles Boustany (R-LA) and Jim Matheson (D-UT) for bipartisan legislation introduced today to repeal the costly Health Insurance Tax (HIT) that was included in the President's health care plan, the Patient Protection and Affordable Care Act (PPACA).

At a cost of $101.7 billion dollars over 10 years, the HIT, which purposely and discriminately targets the nation's small businesses and the self-employed, is set to adversely impact millions of businesses, workers and their families staring in 2014 unless it is repealed by Congress.

"The bipartisan legislation introduced today by U.S. Representatives Charles Boustany and Jim Matheson is an encouraging and a necessary step forward in preventing the imminent rise in healthcare costs for millions of small businesses," said NFIB President and CEO Dan Danner. "As businesses across the country continue to grow and hire American workers, it is vital that all members of Congress support further economic growth by taking action to repeal the HIT."

Under current law, the HIT will be imposed almost entirely on what's known as the "fully insured market," where 87 percent of small-business owners purchase their insurance. Corporations, unions and other large entities operating in the "self-insured market," are not subject to similar taxes upon final passage of the President's health care plan.

"Small businesses already pay an average of 18 percent more than larger entities. With insurance costs for small businesses increasing 96 percent since 2002, levying this kind of tax would adversely affect job creation and economic growth. The bipartisan approach to legislating taken by Representatives Boustany and Matheson should serve as a model for companion legislation in the U.S. Senate, and for so many other legislative issues being debated in Congress," continued Danner.

TNS-LE 130216-4207207 StaffFurigay

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