Hurd Supports Repeal of Burdensome Health Tax
I continued my efforts to increase access and lower the cost of quality health care by cosponsoring a bipartisan bill to repeal the burdensome Health Insurance Tax created by the Affordable Care Act.
Access to quality health care is vital to the health and wellness of South and West Texans. This burdensome tax hurts individuals, seniors, families and employers. I’m glad to help repeal the Health Insurance Tax and will continue to find ways to lower the costs of quality healthcare for my constituents.
“The Texas Retailers Association is very supportive this legislation. The Health Insurance Tax (HIT) disproportionately affects small retailers, which can least afford it. We support legislation to permanently repeal the HIT and also the two-year delay,” said George Kelemen, President and CEO, Texas Retailers Association.
“Quality, affordable healthcare is critically important to the restaurant and hospitality industry, our employees, and the communities we serve. Imposing a tax on healthcare premiums creates a disincentive for those who currently enrolled in healthcare plans that will be subject to the tax. On behalf of the restaurant and hospitality industry, we appreciate the leadership of Congressman Marchant, Congressman Hurd, and Senator Cruz to advance this bipartisan issue and we fully support this legislation,” said Richie Jackson, CEO, Texas Restaurant Association.
The multi-billion dollar annual tax on health insurance was suspended by Congress in 2019 but is scheduled to be reinstated by 2020. This onerous tax adds an increase in premium costs ranging from $150 to nearly $500, and over 20 percent of this falls on Medicare Advantage and Part D plans that are vital for our seniors. Additionally, this tax could cost Texas over 14,000 jobs by 2023, resulting in a decline in our state’s GDP by up to $2.5 billion over a decade.