Boustany and Graves to Host Stop the HIT Roundtable Discussion
Baton Rouge, LA – Congressman Charles W. Boustany, Jr., M.D., (R-South Louisiana) and Congressman Garret Graves (R- South Louisiana) will host a Roundtable Discussion on the Health Insurance Tax (HIT) Repeal Act, in Baton Rouge on Friday, May 8.
WHO: Congressman Charles W. Boustany, Jr., MD, Congressman Garret Graves, Dawn Starns (NFIB Louisiana), Ted Firnsburg (School Aids), Clay Pinson (Massengale), Pat Felder (Felder Collision Parts), John Overton (Turnkey Solutions), Renee Amar (LA Association of Business and Industry), Michelle Shirley (LA Homebuilders Association), John Walters (Association of Builders and Contractors), Todd Waguespack (Level Homes)
WHAT:Stop the HIT Roundtable Discussion
WHEN: Friday, May 8, 2015, 10:00 – 11:00 am
WHERE:Level Construction Board Room, 450 Main St., Baton Rouge, LA 70801
The HIT is a provision included within ObamaCare that is a direct tax on health insurance providers for the services they provide to individuals, families, and other beneficiaries. According to the nonpartisan Congressional Budget Office (CBO), this tax is passed on to consumers in the form of higher premiums and out-of-pocket costs.
The Joint Committee on Taxation (JCT) estimates that eliminating this tax by 2016 could save families $350 to $400 in premium costs. Conversely, a study by economist Douglas Holtz-Eakin shows that over 10 years, the HIT could increase the average family premium by $5,000.
According to the National Federation of Independent Business Research Foundation, the HIT will cost between 152,000 and 286,000 lost jobs by 2023, with 57% of those lost jobs represented in small businesses, and between $20 billion and $33 billion in lost economic activity.
The cost of the tax in 2014, the first year of its implementation, was $8 billion – but that number will climb to $14.3 billion by 2018. JCT estimates that the cost of the tax will reach $100 billion over the next decade.