The El Paso Chamber has been part of the El Paso community since 1899, representing the businesses, both large and small, that make our region so unique. Because of this history, we’ve seen many changes over the years — since the chamber’s inception, El Paso has boomed nearly 4,000%, welcoming more people, ideas, and cultures into our once-small town.
With this growth comes more opportunity for businesses to find a home in El Paso. From ramen spots and food trucks to indoor skydiving facilities and sustainable energy companies, our founders in 1899 never could have imagined the range of ideas and options that live in El Paso today. But, equally as important to growth is sustaining that growth and ensuring that these businesses — and the people they employ — have the tools they need to thrive.
A big piece of this puzzle is access to affordable health care coverage.
Ninety-four percent of our chamber members are small and medium enterprises. All businesses depend on a healthy workforce, and every employee deserves health care coverage, but many small businesses simply aren’t able to provide health insurance for their employees. Fortunately, these business owners and their employees (or anyone else in need of coverage) can sign up for health insurance through the individual marketplace, made more affordable through the premium tax credits.
These tax credits have made health care accessible for nearly 100,000 El Paso residents, allowing them the freedom to own or work for a small business. This, in turn, strengthens our local economy by sustaining our small, local businesses. Small businesses already struggle to compete with larger corporations when it comes to offering benefits. Unfortunately, these tax credits are set to expire at the end of this year, and if they do, it will be even harder for local employers to attract and retain workers, impacting productivity and long-term business success.
If Congress does not extend the health care tax credits, premiums will increase by 115% on average across the state. And when the cost of living is already high and families are struggling to keep up with expenses, insurance coverage could be on the chopping block as El Pasoans are forced to make difficult budgeting decisions.
Most people cannot afford to pay double for their current health care coverage — and nor should they have to. The impact would be devasting and ultimately affect our local economy, as families would have to cut dining out or recreational activities, at the expense of our local establishments that rely on this revenue to keep their doors open. According to the Commonwealth Fund, if these tax credits are allowed to expire, Texas would lose almost 70,000 jobs, more than $400 million in state and local tax revenue, and over $8 billion in state GDP. Not to mention many who will be forced to let their insurance plans lapse altogether.
Losing these tax credits would be a devastating blow, not only to the 3.3 million working Texans who rely on them, but also to local economies across the Lone Star State, including El Paso. Our representatives in Washington have a responsibility to extend these critical premium tax credits, protecting access to health care coverage we can afford and keeping our economy thriving.
Ricardo Mora is the President and CEO of the El Paso Chamber of Commerce.
This article originally appeared on El Paso Times: OPINION: Extending health care tax credits is key to a thriving El Paso
Reporting by Ricardo Mora / El Paso Times
USA TODAY Network via Reuters Connect
