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ObamaCare vs Small Business

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  • ObamaCare vs Small Business

    This is from the president of the National Federation of Independent Business: from: http://online.wsj.com/article/SB1000...756326086.html
    While the health insurance fee was designed to "go after" large health-insurance companies, the reality is that insurers aren't simply going to absorb this new tax; it will be passed on to customers. Specifically, it will be passed on to the plans that 87% of small businesses and individuals buy. A study by the Federal Policy Group published last October found that the amount of taxes passed on to the typical family of four could be $500 or more per year. Adding insult to injury, the law also requires all businesses to issue IRS 1099 forms to document every business-to-business transaction of $600 or more. To someone who's never run a business, this may sound like nothing. But Congress hopes to raise $17 billion in added tax revenues and fees from this new mandate. That's hardly nothing. The burden of raising that expected revenue falls again on the backs of small business owners who already suffer under unmanageable federal paperwork burdens. What's worse, this new reporting requirement has absolutely nothing to do with health-care reform. It was included to help pay for the nearly trillion-dollar price tag of the bill. Why should small business owners have to pay for a bill that causes them so much harm? They shouldn't, which is why NFIB is fighting against this law in court.

  • #2
    Re: ObamaCare vs Small Business

    Originally posted by tsetsefly View Post
    This is from the president of the National Federation of Independent Business: from: http://online.wsj.com/article/SB1000...756326086.html
    So essentially they could of taxed the small businesses for $17 billion and it would have been cheaper than the 1099 reporting.

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    • #3
      Re: ObamaCare vs Small Business

      CPA bailout?

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      • #4
        Re: ObamaCare vs Small Business

        Originally posted by Ghent12 View Post
        CPA bailout?
        the accounting lobby has had much to do with the complexity of the american income tax as well as other taxes...

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