Today, on his Tax Cut Tour, Congressman Josh Gottheimer (NJ-5) brought together local business leaders to discuss the need to stop the impending Health Insurance Tax (HIT) and cut the red tape for Jersey companies. Participants of the roundtable discussion were Paul Muller, owner of Vision Retirement Planning; Kelly Haggerty Accountant at the Haggerty Group; Jeff Bader, CEO of Golden Carriers and President of the Bi-State Motor Carriers Association; Ethan Oster, a constituent who buys insurance on the exchange and Vice President of Richmond Spring and Suspension; Greg Paster of Greg Paster and Associates; and Michael Tozzoli of West Bergen Mental Health.
The HIT is an annual direct tax on all health insurance providers for the services they provide to individuals, families, and other beneficiaries. According to the independent Congressional Budget Office (CBO), the tax burden would be passed on to health insurance customers in the form of higher premiums and out-of-pocket costs. The tax was suspended in 2017 and is scheduled to come back into effect in 2018.
Gottheimer is a co-sponsor of the bipartisan HR246, the Jobs and Premium Protection Act, which would immediately repeal the HIT Tax.
“New Jersey has two trains heading right at us: the Tax Hike Bill and the Health Insurance Tax would crush New Jersey seniors, small businesses, and families. New Jersey can’t compete and grow if we are burdened with taxes like the Health Insurance Tax, which will increase premiums up to $500 for seniors, families, and small businesses. The businesses I talked to today made it clear that the HIT is going to hurt jobs and it’s going to hurt families,” said Congressman Josh Gottheimer (NJ-5).
“My business just got a notice from Horizon, our insurer, and premiums next year are going to go up. Now I have to make the decision, how does my business absorb these costs? If Congress lets the HIT tax go through, it is going to hurt employees, hurt the bottom lines of every employer, and hurt the decisions we make to invest long term in New Jersey. We need lawmakers like Congressman Gottheimer to step up and stop the HIT,” said Paul Muller, Owner, Vision Retirement Planning.
Below: Congressman Josh Gottheimer (NJ-5) and his business roundtable discussing stopping the HIT.