August 16, 2017 1:00pm
GLI Asks for Continued Delay/Repeal of the Health Insurance Tax
In a letter to Senator Majority Leader Mitch McConnell, Greater Louisville Inc. requests continued delay or repeal of the health insurance tax (HIT), which, if implemented, will create hardships for small businesses.
Dear Senator McConnell,
Greater Louisville Inc. is writing on behalf of Louisville’s leading businesses to ask for your help in addressing an imminent threat – the return of Obamacare’s tax on health insurance.
The health insurance tax (HIT) places an irresponsible burden on Kentucky’s businesses and employers, hindering their ability to provide health insurance to their workers.
Recognizing its harm, Congress delayed implementation of the HIT for 2017, but without immediate action, this tax is set to kick back in on January 1, 2018, costing Americans, employers, states and the federal government $22B in 2018 and $267B from 2018 to 2027.
New data from actuarial consulting firm Oliver Wyman estimates that over the next decade the HIT will increase the cost of premiums by $2,282 for individual and $6,190 for family coverage for small businesses and by $2,326 for individual and $6,675 for family coverage for large employers.
Our investors want to be good partners in providing access to health care and creating new jobs, but, especially for small businesses, these higher health care costs will mean fewer resources to hire new workers and expand the economy.
We ask that when you return to Washington, you pursue legislative action to delay or repeal this harmful tax.
Greater Louisville businesses thank you.
President & CEO