Stop The HIT Coalition Applauds Representative Olson for Standing Up for Small Business12/13/11
Stop The HIT Coalition Applauds Representative Olson for Standing Up for Small Business
Representative Pete Olson (R-TX) joins bipartisan list of lawmakers seeking to repeal the small business Health Insurance Tax (HIT)
Washington, D.C. (December 13, 2011) - The Stop The HIT Coalition today welcomed the strong support of Representative Pete Olson (R-TX), after he co-sponsored H.R. 1370 to repeal the Health Insurance Tax (HIT) that currently looms over more than 2.2 million Texas small businesses.
"Texas small business owners, who already struggle with the increasing cost of health care, have made it clear they cannot afford another tax that will further drive up the cost of running a business. Rep. Olson recognizes that the HIT will curb capital investments and hurt employees and their families at a very difficult time in our economy,” said Susan Eckerly, Senior Vice President for Public Policy at the National Federation of Independent Business, a founding member of the Coalition.
"With America facing record unemployment, small businesses are critical to our economic recovery. The last thing they need is a tax HIT throwing up more road blocks. This bipartisan legislation is an opportunity to put money back in the pockets of small businesses and their employees rather than divert it to cover Washington's out-of-control spending.,” said Representative Olson.
Representatives Charles Boustany (R-LA) and Dan Boren (D-OK) introduced legislation – H.R. 1370 reversing the HIT, a tax included in last year’s health care bill, and companion legislation in the Senate (S. 1880 “The Jobs and Premium Protection Act.”) was introduced in November.
The HIT will add staggering new health care costs for the small business community:
• 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;
• Lead to 3,300 lost jobs and a $7.1 billion reduction in sales in 2021 in Texas, alone; and
• Reduce the take-home pay by nearly $5,000 over this next decade for the average employee with a family plan.
The Stop The HIT Coalition was established by small business groups from across the country with the goal of repealing the costly, unfair and hidden HIT that is set to take effect in 2014. The Coalition, which represents small business owners, their employees and the self-employed, is generating grassroots support for repeal of the HIT by educating policymakers and activating its members who will be directly impacted by the impending tax.
More information about Stop The HIT can be found at www.StopTheHIT.com.
Stop the HIT Media Contact: Molly Cullen
Olson Media Contact: Melissa Kelly