Well, with the recent release of yet another new report pointing out the perils of Obamacare comes word of yet another bonus created by the law. A bonus in the form of another new tax that will end up costing the United States hundreds of thousands of jobs over the next decade. Which I suppose doesn’t come as a big surprise to anyone, since the main objective of our present administration has been to work toward the wiping out of as many fulltime jobs as possible in the continuing effort to force as many people as they can into having to depend on the government.
This new report was published by the National Federation of Independent Business Research Foundation, which is a nonprofit association of business owners. And it was discovered found that something called the Health Insurance Tax (HIT) in the Affordable Care Act, aka Obamacare, will cause a rise in the cost of employer-sponsored insurance to such an extent that the private sector will be forced to cut employment between 152,000 and 286,000 jobs by 2023. Now the key part of that statement is that little part about the ‘private sector’ being forced to cut jobs.
According to this report 57 percent of these job losses will come directly from small businesses, or firms with under 500 employees, which of course, as we all recognize, are traditionally the primary engines of innovation and job creation. It’s these small businesses that keep the economy moving forward and expanding. The result will also amount to a reduction of U.S. real output, or sales, of between $20 Billion and $33 Billion over that period. How does such a thing come to be thought of as being a good idea by anybody, especially those who claim to be all about job creation?
Amanda Austin, NFIB director of federal public policy, released a statement that said in part, "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 healthcare reform." It went on to say, "Singling out job creators for tax increases makes no sense for our economy, is short-sighted, and wrong for our nation's growth. NFIB will continue to highlight the very real and negative effects the HIT will have on small businesses and everyday Americans as we work to pass bipartisan legislation to repeal the HIT."
The conclusions were based on a dynamic, multi-region forecasting model built to analyze the impact of policy "shocks" on the economy. The model predicted that some states will be disproportionally affected by the projected job losses. California is expected to be hit the hardest with a projected loss of 23,000 jobs by 2023 and a loss of $4 billion in sales for small businesses. Texas could lose 14,500 jobs over the same period due to the tax and $2.5 billion in small business sales, while Florida will likely suffer a loss of 9,700 jobs and $1.2 billion in small business sales.
But it will be just the opposite for the federal government which expects to collect a windfall of $8 Billion from the tax in 2014, rising to $14.3 Billion by 2018. While the tax was aimed at hitting insurers' profits, the more likely outcome is for the cost of the tax to be passed along to those purchasing the plans, most of which are employers. Meanwhile, the American Action Forum, a Washington-based free-market think tank, estimates that the Health Insurance Tax will increase consumer premiums by an average of $101 in 2014, and by an average of $143 in 2015 and 2016.
The bottom line here is when we all troop off to the polls this fall we must have as one of our primary objectives the creating of the best opportunity possible for the complete repeal of this highly destructive, ill-conceived legislative nightmare that was shoved through Congress using every procedural trick in the book. This attempt at ‘reform’ was never intended to do anything other than to garner for the federal government the complete control of how the American people are able to obtain healthcare for themselves. It was something that had been a wet dream of the Democrat Party going all the way back to FDR. AND IT SUCKS!!!
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