Small businesses employ more than half of the private sector workforce and half of the national GDP comes from our sector. Congress should keep that in mind as it votes on a bill that seeks to repeal a little-known tax that will ravage small businesses, called the HIT (Health Insurance Tax). Studies show that this tax will make health insurance premiums rice by $5,000 per employee over a decade, while eliminating the tax could decrease the average family premium by up to $400 annually.
This HIT, part of the Affordable Care Act, will generate $100 billion in revenues the first decade alone, and many employers aren’t even aware the tax will impact them next year. As a small business owner myself, I know the hard decisions other employers will face regarding passing costs to employees or lowering wages. Worse yet, do they lay people off? Now’s not the time to discourage economic growth, so we need legislators to advocate for the small business community and the people we employ. They must repeal this unfair tax by voting for the Jobs and Premium Protection Act.