Breaking News

Sunday, December 21, 2014 - 6:48am

Health Insurance Tax,"HIT", may cost Texans their jobs


POSTED: Wednesday, April 3, 2013 - 6:15pm

UPDATED: Thursday, April 4, 2013 - 9:30am

 President Obama's Patient Protection and Affordable Care Act  included more than $1 trillion in tax hikes. One of the largest tax hikes in this act is the Health Insurance Tax, also referred to as "HIT". This tax increase will go into effect January 2014 , and for the next ten years is estimated to reach $102 billion.

While this tax increase technically falls on the shoulders of the insurers, many fear these costs will trickle down onto businesses and employees. In fact, the National Federation of Independent Business estimates that by 2022 the private sector will cut up to 262, 000 jobs by 2022. This study also estimates that Texas will lose 14,000 jobs by 2022.

Mechele Mills of Better Business Bureau explains this tax will effect some more than others, saying,  "Small businesses in particular and sole proprietors' concern is that they may be forced to pass those costs onto their employees and reduce their take home pay."

Although there are some Health Care professionals who believe it is not just "HIT" Texans should worry about, but rather the entire Affordable Care Act. Mark Everett of Hilliard Box Insurance tells KETK," I believe that could happen. Maybe not necessarily because of the Health Insurance Tax but more importantly because of the increased cost of health insurance itself, because of the plan design and the Affordable Care Act."

Although this tax does not take effect until early next year, Mills advises those worried about this increase should prepare by investing wisely, paying down any debt, and be make good decisions with current resources.  

Comments News Comments

This type of reporting is really starting to make me sick. This article has no journalistic integrity WHATSOEVER, and is only being generated to raise baseless fear among the poor and uneducated. Put this CRAP in the editorial section and send your reporters and editor back to school. Here's an idea for a story...take a sick and uninsured person into ANY emergency room or healthcare facility and try to get them effective care. Then report on what happens. THAT would be an ACTUAL story.

And you putzs VOTED FOR HIM. Him, Pelosi, Reid.

"We have to pass it in order to see what is in it".

Well you now know what is in it.


Post new Comment