Washington, D.C. (Press Release – October 7, 2011) – With the U.S. Department of Labor today announcing employment figures remained static at 9.1 percent, small business advocates intensified their push for Congress to take action to protect employers from tax and regulatory policies that are leading to rising costs for small businesses and subsequently hurting their ability to hire more workers.
Efforts are focused on a repeal of the looming Health Insurance Tax (HIT) included in the recent health care reform law. By repealing this tax, Congress will increase the confidence of Ohio’s 902,369 small businesses, slow rising costs and help generate more jobs.
The Stop The HIT Coalition issued the following statement:
“Small businesses account for half of the nation’s Gross Domestic Product and are responsible for more than half of our economy’s private sector jobs. Concrete steps need to be taken if we’re going to eliminate this crisis of confidence we’re seeing in our economy and get back to creating jobs. Repealing the Health Insurance Tax will free up small businesses so they have one less tax burden, allowing them to grow and hire more workers.”
The HIT, included as part of health care reform, will add staggering new health care costs for the small business community. It will:
- Cost small business owners, their employees and the self-employed $87 billion in the first ten years and $208 billion in the following ten years;
- Impact the bottom lines of 2 million small businesses, 12 million employees and self-employed who purchase in the individual market and 26 million employees who are covered by their employer; and
- Reduce the take-home pay by $500 a year or $5,000 in just the first decade for an employee with a family plan.
In May, small business groups from across the country announced the formation of the “Stop The HIT” Coalition. Since then, legislation to repeal the HIT has been introduced in the House, gaining more than 58 bipartisan co-sponsors. The Coalition has grown to more than 35 national organizations, representing millions of employees from across the country. The Stop The HIT Coalition has aggressively generated grassroots support for repeal of the HIT by educating policymakers and activating its members who will be directly impacted by the pending tax.
More information about the Stop The HIT can be found at www.StopTheHIT.com.