State Unemployment Numbers: What They Will Mean for Small Businesses
WASHINGTON, D.C. (April 19, 2012) -- As state unemployment numbers are released by the U.S. Department of Labor tomorrow on the heels of Tax Day, the Stop The HIT Coalition is making available small business advocates and experts for interviews to discuss the need to repeal the the Health Insurance Tax (HIT), found in the healthcare reform bill, in order to give small businesses, the nation’s number one provider of private sector jobs, the confidence they need to hire again.
The HIT is a pass-through tax that will cost small business owners who purchase their coverage in the fully insured marketplace (nearly all of them) $87 billion. Studies indicate the HIT will result in:
- The loss of nearly 250,000 U.S. jobs by the year 2021;
- $30 billion dollars in lost sales by the year 2021;
- A $500 annual reduction in the take-home pay of the average small business employee with a family plan.
There is legislation aimed at repealing the HIT, which has gained bipartisan support in Congress. Senators John Barrasso (R-WY), Orrin Hatch (R-UT) and Olympia Snowe (R-ME) introduced the “The Jobs and Premium Protection Act,” and Rep. Charles Boustany (R-LA-07) introduced companion legislation that has more than 123 bipartisan cosponsors.
Through a series of roundtable events across the country, the Coalition is providing a platform for small business advocates to discuss the threat of the tax and the importance of its repeal. The Coalition’s website enables small business owners and employees to sign a petition and write a letter to their Representatives in Washington urging them to repeal this tax.
To arrange an interview with Stop The HIT advocates or experts, please contact Molly Cullen, Cullen@StopTheHIT.com.