A funding mechanism included in the Patient Protection and Affordable Care Actis gaining steam in the House of Representatives, leading to a round of huzzahs from the small business community.
Because affordable care for all will only be affordable if someone underwrites its true cost, the law includes various taxes and assessments designed to sustain the insurers that offer low-premium coverage. Among them: The Health Insurance Tax, targeting small businesses.
Now, a HIT repeal bill has been endorsed on both sides of the aisle in Congress. H.R. 928, which would relieve small businesses of the requirement to pay the tax, has been signed by 218 bipartisan Congressional cosponsors, its sponsors said Wednesday.
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