Small business groups are fighting back against the Patient Protection and Affordable Care Act's health insurance tax and throwing their support to new legislation that would repeal it, arguing that the tax will kill a lot of private sector jobs.
The National Federation of Independent Business Research Foundation on Tuesday released an updated study predicting that the rise in cost of employer-sponsored insurance stemming from the tax will result in a reduction in private sector employment of 146,000 to 262,000 jobs by 2022, with 59 percent of the job losses coming from small businesses.
This will amount to a reduction of U.S. sales by between $19 billion to $35 billion during the same time frame, the nonpartisan small business association finds. A similar study released in 2011 predicted a loss of 125,000 to 249,000 jobs and $18 to $30 billion in sales by 2021.
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