From Press Release
U.S. Rep. David Young (R-IA 3) will join small business owners in Des Moines for a roundtable discussion Friday about the health insurance tax, or HIT, and its impact on Iowa small businesses and their employees.
The discussion will take place at 2 p.m. at the Iowa Motor Truck Association headquarters, located at 717 East Court Avenue in Des Moines. The HIT, which took effect as part of the Affordable Care Act, drives up the costs of health care plans purchased in the fully-insured market by as much as $500 per family annually, creating a substantial burden for the 88 percent of small businesses that buy those policies.
Young will discuss his co-sponsorship of H.R. 928, a bipartisan bill in the U.S. House of Representatives that would repeal the HIT and permanently relieve small businesses of this burdensome tax.
Iowa is home to more than 263,000 small businesses, which employ more than 637,000 workers. According to research by the National Federation of Independent Business Research Foundation, the HIT will jeopardize between 152,000 to 286,000 private-sector jobs across the U.S. by 2023, and reduce real GDP by as much as $20 billion to $33 billion over the same period.
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