Say No To The Federal Health Insurance Tax
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Lately there has been a lot of talk (again) about Obamacare as it relates to the now determined Stenehjem and Burgum race for the Republican nomination for Governor. And as many of my readers have known, I was actively opposing Obamacare as it came out originally years ago as part of the U.S. Chamber of Commerce’s effort to stop it from the get-go.
While Obamacare is officially known as the Affordable Care Act, we all have come to understand the word “affordable” has become the joke of the health care act. What’s looming deep in the weeds within the Affordable Care Act is the Health Insurance Tax. We’ve always known a Health Insurance Tax has been part of the plan to pay for the “so-called” lower premiums the government told us are available …I’ve yet to see one, but that’s to be expected with a this president. The Health Insurance Tax was to be implemented in 2015 and Congress decided to hold off with a moratorium timed to last through 2017. But if Congress does not act, it will go into effect in 2018 – further increasing all of our health insurance costs. |
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This tax will lead to higher premiums for individuals and families. According to the Joint Committee on Taxation, a very large portion of the tax will be paid by you, the end consumer in the form of a tax of nearly 5%. Families could experience thousands of dollars in increases over the next few years.
We all know, when companies pay more for group insurance plans, rates are passed onto the employee. If companies actually chose to absorb the entire health insurance tax, it would mean less growth, fewer new highers, fewer pay increases and potentially layoffs. According to the National Federation of Independent Businesses, this tax has the potential to create 250,000 job losses, with more than half of those job losses falling on small businesses.
In North Dakota, small businesses are the heart and soul of our economy.
A tax on health insurance?
That’s dumb idea. Among the dumbest ideas Congress and any President could have.
It is critical Congress seriously take a look at a permanent repeal of HIT in 2016 or at least a long-term extension on the moratorium, before it’s too late.
We all know, when companies pay more for group insurance plans, rates are passed onto the employee. If companies actually chose to absorb the entire health insurance tax, it would mean less growth, fewer new highers, fewer pay increases and potentially layoffs. According to the National Federation of Independent Businesses, this tax has the potential to create 250,000 job losses, with more than half of those job losses falling on small businesses.
In North Dakota, small businesses are the heart and soul of our economy.
A tax on health insurance?
That’s dumb idea. Among the dumbest ideas Congress and any President could have.
It is critical Congress seriously take a look at a permanent repeal of HIT in 2016 or at least a long-term extension on the moratorium, before it’s too late.
