Apr 22 2015
Washington, D.C. – Congresswoman Kyrsten Sinema (AZ-09) released the following statement after the Job and Premium Protection Act (H.R. 928), legislation she introduced with Congressman Charles Boustany (LA-03), received 218 cosponsors, the number needed for passage in the U.S. House of Representatives.
“I hear every day from individuals, families, and businesses in Arizona about the cost of health care,” said Congresswoman Sinema. “This common sense fix will help lower out of pocket costs for hardworking Arizonans. By working together, we can provide relief for individuals, families, and employers while increasing access to quality affordable health care.”
The Job and Premium Protection Act will repeal the Health Insurance Tax (HIT), a direct tax on health insurance providers included in the Affordable Care Act.
The non-partisan Joint Committee on Taxation estimated that by 2018, the HIT will increase individual premium costs by $100 - $300, and employer-sponsored family premiums by more than $450.The cost to small businesses of providing health insurance to employees has already risen 96 percent over the last decade, an increase far outpacing wage growth and inflation. According to the National Federation of Independent Business Research Foundation, the HIT will cost an estimated 249,000 in lost jobs and nearly $30 billion in lost sales over the next decade. The HIT will ultimately have far greater economic consequences, making small business expansion and subsequent job creation increasingly more difficult.