While the Federal Government is busy collecting an estimated $8 billion this year from a health insurance tax (HIT), the U.S. will lose between 152,000-286,000 jobs through 2023 causing a loss of $20 billion-$33 billion in real output.
According to the National Foundation of Independent Business, 57 percent of the jobs lost would be from small businesses.
“The HIT represents a new tax on small business that raises insurance costs for an already struggling Main Street and is contrary to the goals of health care reform,” said Amanda Austin, NFIB director of federal public policy. “Singling out job creators for tax increases makes no sense for our economy, is short-sighted and wrong for our nation’s growth.”
via The Hill
According to the report, California, with 23,000 jobs lost and $4 billion in sales lost, and Texas, with 14,500 jobs lost and $2.5 billion in sales, will be hit the hardest.
The Obama administration’s objective may have been to target insurers’ pockets, but you can bet the costs will be passed to employers and the insured.
This isn’t the first time job cuts have been reported on… remember this?