A last-minute call to stop tax on small business

Monday, December 10, 2018
 | 
Chris Woodward (OneNewsNow.com)

cash registerAn advocate for small business owners and entrepreneurs is asking Congress to delay the so-called health insurance tax in the lame duck session. 

The health insurance tax (HIT) was one of several taxes that was put into Obamacare, and specifically it is a tax on health insurance companies that gets passed onto insurance holders or small businesses and individuals," says Karen Kerrigan, president and CEO of the Small Business & Entrepreneurship (SBE) Council. "The impact is it raises their insurance premiums."

Business owners echo those statements.

"This will be close to a $100,000 hit for us," Tom Boucher of Great New Hampshire Restaurants told a newspaper, New Hampshire Union Leader, in a December article.

Al Letizio of A.J. Letizio Sales and Marketing said some employees may not get a raise because of the tax, which was meant by architects of Obamacare to help fund the law.

"Often these well-intended programs have a negative impact," said Letizio.

This is not the same tax as the individual mandate penalty in Obamacare. That tax penalty for people who choose to go without health insurance is zeroed out on January 1, 2019.

Meanwhile, Kerrigan believes there is bipartisan support for delaying the health insurance tax.

"We've been working on this for several years, and what we've been able to do is delay the tax a number of times," she continues. "The tax will be delayed for 2019, but we want to extend that moratorium, and essentially it's just making it a priority for members of Congress."

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