Reed Joins Local Small Business Owners to Talk about the Health Insurance Tax
Today Tom Reed met with small business owners for a roundtable discussion about the health insurance tax, or HIT, and its impact on New York small businesses and their employees.
Reed is a co-sponsor of the bipartisan Small Business and Family Relief Act, which would delay the HIT for two years and give small business owners time to prepare for this new financial burden. In addition, Reed cosponsored the Jobs and Premium Protection Act, which would repeal the HIT and permanently relieve small businesses of this tax.
"I'm always glad to meet to meet with small business owners on this important issue,” Congressman Reed said. “The HIT is a discriminatory tax that will weaken a vital sector of our economy. Small businesses are the ones which will lead the way in creating jobs and the HIT will raise the cost of health insurance on two million small businesses and in turn tens of millions of employees. I’ve been concerned about the financial strain it will impose for some time and it’s time we take action to ensure we aren’t inflicting an additional hurdle on small business owners.”
New York is home to 2 million small businesses, which employ more than 7 million workers. According to research by the National Federation of Independent Business Research Foundation, the HIT will jeopardize as many as 2,700 jobs in New York by 2023, and reduce the state’s GDP by almost $600 million over the same period.