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."

Consider Supporting Us?

The staff at Onenewsnow.com strives daily to bring you news from a biblical perspective. If you benefit from this platform and want others to know about it please consider a generous gift today.

MAKE A DONATION

Comments

We moderate all reader comments, usually within 24 hours of posting (longer on weekends). Please limit your comment to 300 words or less and ensure it addresses the article - NOT another reader's comments. Comments that contain a link (URL), an inordinate number of words in ALL CAPS, rude remarks directed at other readers, or profanity/vulgarity will not be approved. More details

SIGN UP FOR OUR DAILY NEWSBRIEF

SUBSCRIBE

VOTE IN OUR POLL

Are you surprised a prominent Democrat is questioning the usefulness of the U.S. Constitution?

CAST YOUR VOTE

GET PUSH NOTIFICATIONS

SUBSCRIBE

LATEST AP HEADLINES

  Frigid air, high winds cause dangerous travel conditions
Shutdown goes on as Trump offer doesn't budge Democrats
Leftist Kamala Harris jumps into presidential race
Minister says UK faces ‘political tsunami’ if Brexit halted
  Israel says its jets struck Iranian military sites in Syria

LATEST FROM THE WEB

Big Data meets Big Gov't: New IRS spy software
Women viciously attack black Trump supporter at Women's March
Different races, same boat
Alexandria Ocasio-Cortez refuses to condemn anti-semitism within Women's March
Prof: White people use ‘cop voice’ to establish ‘racial authority’ over others

CARTOON OF THE DAY

Cartoon of the Day
NEXT STORY
Crony capitalism 'killing the middle class'

Amazon logoAmazon's decision to add headquarters in Virginia and New York City is considered to be one of the top stories of the year. But not everyone likes the idea.