Commentary

How to Calculate Your ObamaCare HIT (Health Insurance Tax)

By Ashton Ellis
Wednesday, May 21 2014

What’s so affordable about a health care law that imposes $100 billion in sales taxes on consumers? That’s the question being asked by small business owners as they prepare to start paying ObamaCare’s health insurance tax or HIT. HIT is a sales tax imposed on each policy sold in the fully covered insurance market. The tax is projected to yield $8 billion in 2014, $14.3 billion by 2018 and rise steadily thereafter, according to AHIP, a health insurance trade association. A study by the Joint Committee on Taxation estimates that the tax will generate more than $100 billion in…

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