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Topics: Obamacare

Obamacare's 'HIT' on small business will hike health insurance costs, reduce employment

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Beltway Confidential,Opinion,Health,Mark Tapscott,Morning Examiner,Taxes,Obamacare,Jobs,Unemployment,Insurance Industry

Small businesses on America's Main Street are about to get HIT by Obamacare. Thousands of jobs will be lost and consumers will have to shoulder more cost increases to buy health insurance.

The Health Insurance Tax — thus the "HIT" acronym — is buried in Obamacare's 2,700 pages, but the National Federation of Independent Business' Dan Danner says the measure's impact will be felt all over the country.

Danner is NFIB's president and he sees nothing but problems arising from HIT. Writing in a recent op-ed on Foxnews.com, Danner put it like this:

Here's the HIT

"Known as the health insurance tax or HIT, this is a new discriminatory tax on small businesses and their employees that will raise the premiums by as much as $500 per policy per year.

"Main Street enterprises are now being faced with the choice of eating the costs, passing it on to their employees, ending coverage altogether or other unexpected decisions impacting their operations and workers.

"Adding to the confusion is the fact that the cost of the tax is only going to grow over time — collecting an estimated $145 billion from small businesses in the first 10 years alone and making it that much harder for business owners to prepare for the future."

More lost jobs

Since small businesses create three-fourths of all new jobs, HIT's economic impact will especially be felt on the employment front, according to NFIB.

An estimated 262,000 jobs will be lost as a result of the HIT provision, with 59 percent of those being in the small business sector of the economy.

Small business owners seeking an estimate of HIT's impact on them can go to Stop the HIT Coalition's website, which includes a widget that will calculate their likely bill and help them communicate concerns to their congressmen.

On today's washingtonexaminer.com

Monday Editorial: Get ready for Big Insurance bailouts under Obamacare.

Sunday Editorial: Limits on campaign funds protect incumbents from competition.

Watchdog/Luke Rosiak: Charity Without Sacrifice — Feds used charity meant for poor to buy luxuries for themselves.

Columnist/Michael Barone: Britain's political stalemate resembles America's.

Columnist/James Jay Carafano: Germany should help lead NATO response to Russia.

Columnists/Hugh Hewitt: When Karl Rove talks, people listen.

Op-ed/Amber Barno: Eric Shinseki should resign or be fired by President Obama.

Beltway Confidential/Byron York: If chosen to lead HUD, Julian Castro's big payday will face scrutiny.

Legal Newsline/David Yates: California med-mal caps ballot initiative qualified for November vote.

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Author:

Mark Tapscott

Executive Editor
The Washington Examiner