Nix HIT tax while we can
Next year, prepare for an explosion in new taxes when the president’s health care law goes into full affect. I’m counting 21 Oregon and Federal Health Insurance Taxes by next year. The health insurance tax, or HIT tax, is one of the worst.
The HIT is a hidden tax that increases the cost of a service that has already gone up in price. For my five-person company, we paid $39,740.10 for health coverage last year and roughly $18,000 of that was to cover my family! It’s like buying a new car every year for the right and privilege to see my doctor or go to the hospital. And this is only going to get higher next year.
In my opinion, taxing premiums so the government can perform services for us is highly inefficient. Health care needs to be affordable, not a burden that may affect how many employees a company has or whether it has room to grow. I hope Congress will act to repeal this tax before it’s too late for small employers to afford health insurance.