Wheeling Area Businesses Take Action, Call for the Repeal of the Health Insurance Tax
WHEELING, W.Va., May 24, 2012 /PRNewswire/ -- Small business owners and advocates gathered for a roundtable event on Thursday to discuss the threat and implications of the looming Health Insurance Tax (HIT). The HIT will take effect in 2014 and will directly impact many of West Virginia's small businesses, severely reducing their ability to expand, create new jobs, and contribute to the state's economy.
During the event, small business owners from Ohio County had the chance to meet with state representatives and business groups to examine the possible effects the HIT will have on the small business community as well as the significance of repealing the costly tax.
"Small businesses are crucial to the success of our economy," Gil White , executive director of the West Virginia chapter of the National Federation of Independent Business, said. "They are the nation's number one provider of private sector jobs and account for over 97 percent of West Virginia's employers. We cannot afford a tax that will discourage growth and job creation in a segment so critical to its success—the small business community."
The HIT, hidden within the many pages of the Patient Protection and Affordable Care Act, was originally intended to target large insurance companies. The reality, however, is that this tax will directly fall upon small business owners and their employees and the self-employed to the tune of $87 billion within the first ten years, and $208 billion in the second ten.
"In an effort to cover their massive spending, Washington has passed their burdens onto small businesses across the country, asking them to contribute their hard-earned money instead of using it to invest in their future or create job opportunities that our citizens so desperately need," White said.
Today's event was hosted by Wheeling Area Chamber of Commerce and members of the Stop The HIT Coalition, which represents small business owners, their employees and the self-employed who support a repeal of the HIT and seek to educate policymakers about the impact of the pending tax.
According to the National Federation of Independent Business Research Foundation, the HIT will have devastating effects in West Virginia. It will:
- Result in at least $1 billion in lost West Virginia small business sales through 2021 and at least $2.3 billion in total sales
- Nationally impact the bottom lines of 2 million small business, 12 million employees and self-employed individuals and 26 million employees who are covered by their employer
- Reduce the take-home pay by $500 a year of $5,000 in just the first decade for an employee with a family plan
In May 2011, 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 both the Senate and House. Senators John Barrasso , Orrin Hatch , Olympia Snowe , Lamar Alexander and Kelly Ayotte introduced S. 1880, "The Jobs and Premium Protection Act and companion legislation in the House, H.R. 1370 currently has over 100 cosponsors. 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 Coalition can be found at www.StopTheHIT.com
SOURCE Stop The HIT Coalition
Browse our custom packages or build your own to meet your unique communications needs.
Learn about PR Newswire services
Request more information about PR Newswire products and services or call us at (888) 776-0942.