Bluefield Daily Telegraph
The Health Insurance Tax began taxing health insurance companies at the start of this year as part of the Affordable Care Act. As a result, premiums for businesses and the self-employed are expected to go up by $500 per employee, per year.
For example, if a small business has five employees with health insurance, it will see premium increases of $2,500. This is a huge cost to absorb and the effects will be felt across the economy. Some companies might have to raise prices or lay off employees as a result.
I have been a business owner since 1975. A hidden tax on small businesses is a bad idea since we are the backbone of the economy, and we do what we can to help our local communities. Many small businesses are already struggling and with the HIT kicking in, many of them may have to cut back on volunteer work and contributions.
I know what it takes to manage a small business within a budget. If the HIT isn’t repealed, an already difficult economy will only get worse. Our members of Congress must stand up for all of us by supporting the Jobs and Premium Protection Act. This bill would repeal the HIT and give us one less tax burden, allowing us to better focus on growing our businesses and helping the economy.