From the National Republican Congressional Committee (NRCC)…
Illinois Democrat’s Health Insurance Tax Would Particularly Impact Small Businesses Already Struggling in the Bad Economy
WASHINGTON — Bill Foster continues to defend his government takeover of healthcare (Roll Call #167, 3/21/10), even though it is poised to destroy up to 2,500 Illinois jobs and cost businesses $2.9 billion in lost sales, with a large majority of this burden falling on small businesses. Foster makes it clear that he would stand up for President Obama’s failing big-government policies back in Washington even at the cost of jobs and economic recovery.
“Bill Foster’s government takeover of healthcare and its taxes on small businesses are putting thousands of jobs in Illinois at risk,” said NRCC Communications Director Paul Lindsay. “Instead of helping small businesses create jobs and grow the economy, Foster’s big-government policies are actually placing the largest burden on them with more taxes and red tape.”
In Illinois, it is estimated that the Health Insurance Tax provision of the government takeover of healthcare could destroy 2,500 jobs and result in $2.9 billion in lost revenues. (“Impact of PPACA Health Insurance Premium on Small Businesses and Employees – By State,” National Federation of Independent Business, 11/9/11)
Nationally, these taxes would have a devastating effect on the economy, hitting small businesses particularly hard:
“Relying upon independent cost estimates, the Research Foundation’s BSIM (Business Size Impact Module) highlights how the rise in cost of employer-sponsored insurance stemming from the HIT will result in a reduction in private sector employment by 125,000 to 249,000 jobs in 2021, with 59 percent of those losses falling on small business.” (“NFIB Research Foundation Study: Health Insurance Tax to Cost 125,000 to 249,000 Private-Sector Jobs,” National Federation of Independent Business, 11/9/11)