Report: One Obamacare Tax Could Cost Up To 286,000 Jobs

From The Daily Caller

Sarah Hurtubise 

Just one of Obamacare’s many taxes could cost the U.S. hundreds of thousands of jobs over the next decade, according to an industry report published Tuesday. The National Federation of Independent Business projects that between 152,000 and 286,000 jobs will be lost by 2023 due to Obamacare’s health insurance tax.

ENEMY OF THE ECONOMY
ENEMY OF THE ECONOMY (Photo credit: SS&SS)

The National Federation of Independent Business projects that between 152,000 and 286,000 jobs will be lost by 2023 due to Obamacare’s health insurance tax. NFIB, a nonprofit association of business owners, actively supports the repeal of the tax.

The health insurance tax has proved to be one of Obamacare’s more controversial fundraising measures. The tax targets insurance companies, charging each one proportional to their market share — the more health plans sold (Obamacare’s goal, the more insurers are required to pay.

The report found that the tax will cause a spike in the cost of employer-sponsored health coverage, which will lead primarily small businesses to cut jobs. NFIB estimates that 57 percent of the job losses will come from small businesses — firms with under 500 employees, according to the federal Small Business Administration.

The cut in employment would results in a reduction of U.S. real output, or sales, of between $20 billion and $33 billion through 2023.

Obamacare’s health insurance tax “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 NFIB’s Amanda Austin, the 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.”

Some states will be disproportionately affected by the projected job losses. California will be hit the hardest, suffering 23,00 jobs lost by 2023 and a lost $4 billion in sales for small businesses, according to the report.

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