'Small Businesses Are The Key To Our Economic Recovery'

From  Stop The HIT Coalition:

WASHINGTON, D.C. - Today marks the beginning of National Small Business Week and as thousands of men and women gather to empower small businesses nationwide, members of the Stop The HIT Coalition are using this week to remind Congress that the Health Insurance Tax must be repealed to protect our nation’s job creators.

“National Small Business Week is a time to recognize the very important contributions that small businesses make to our nation’s economy. It is also an opportunity for Congress to recognize that now, more than ever, we need to remove the restrictions and high costs that burden small businesses and negatively impact their bottom lines and ability to hire,” said Amanda Austin, National Federation of Independent Business Director of Federal Public Policy. “Small businesses are the key to our economic recovery and the outrageous costs of regulations such as the Health Insurance Tax will hurt the vitality of our future economy and impact the lives of all Americans as a result.”

Since the launch of the Stop The HIT Coalition, approximately 1,200 members have traveled to Washington, D.C. to urge their Member of Congress, face to face, to repeal the HIT before it begins collecting money small businesses cannot afford to hand over. The Coalition has held 42 roundtables with 3,256 small business owners with at least 36 more roundtables to be held this summer.

The HIT, passed as part of healthcare reform, is a pass-through tax that will cost small businesses, their employees and the self-employed $87 billion starting in 2014.

If Congress does not take action, the HIT will:

• Impact more than 2 million small businesses and 26 million employees who are covered by their employer;
• Reduce the take home pay of an average employee with a family plan by $500 a year; and
• Cost the United States up to 250,000 jobs and $30 billion in lost sales nationally by 2021.

Legislation aimed at repealing the HIT has gained bipartisan support in Congress. Senators John Barrasso (R-WY), Orrin Hatch (R-UT) and Olympia Snowe (R-ME) introduced the “The Jobs and Premium Protection Act,” and Representatives Charles Boustany (R-LA) and Dan Boren (D-OK) introduced companion House legislation that has more than 140 bipartisan cosponsors.

About the Stop The HIT Coalition
In May, small business groups from across the country announced the formation of the “Stop The HIT” Coalition.  The Coalition has grown to more than 35 national organizations, representing millions of employees from across the country.  The Stop The HIT Coalition has aggressively generated grassroots support for repeal of the HIT by educating policymakers and activating its members who will be directly impacted by the pending tax. More information about the Stop The HIT Coalition can be found at www.StopTheHIT.com.

Read more about Pottstown businesses: