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White House Announces Small Business Tax Credit Provision for Worker Healthcare HealthLeaders Media

18.05.10

The tax credit, which has an effective date of Jan. 1, 2010, can cover up to 35% of the premiums a small business pays to cover its workers; by 2014, that rate will increase to 50%, and small business owners will have the chance to access plans through health insurance exchanges. Firms can claim credit for up to six years—2010 through 2013 and for any two years after that.

Qualifying firms must have less than the equivalent of 25 full time workers (e.g., a firm with fewer than 50 half time workers would be eligible), pay average annual wages below $50,000, and cover at least 50% of the cost of healthcare coverage for their workers.

The value of the credit will phase out as the number of employees and their salaries increase—with the full 35% credit available only to those businesses with fewer than 10 full time workers paying an average salary of less than $25,000. To avoid incentives for choosing a higher cost health plan, an employer’s eligible contribution is limited to the average cost of health insurance for small businesses in that state.

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Obama Health Care Will Destroy the Job Market and Private Insurance

The proposed health care plan will destroy the job market leading to higher unemployment and higher prices for goods and services. Without question, this is not the direction we need to go to the correct current health care system. This plan fails to address some of the most fundamental issues at hand.

Dick Morris stated the Obama Health Care Plan would…

• Force employers either to offer health insurance to their employees or pay a tax of 8% of their payrolls. This would apply to all with payrolls of $250,000 a year or more (basically every business)

• Reduce medical fees to the Medicare Schedule Plus 5%, driving doctors out of the profession and increasing the need for rationing.

• Raise taxes on all making more than $250,000 a year ($350,000 for a couple) with a surcharge. Rates will go as high as 45%.

• Set up a government owned health care plan to compete with private plans. Getting a subsidy, it will soon put the private plans out of business and we will have a single payer Canadian style system.

I agree with Mr. Morris for the most part, but there is much more to consider. He states that this would affect every business, but that is not completely true. Since the 1990’s sixty-eight percent of new jobs created are in small businesses of which many employ less than nine employees.

Many of these businesses fall below the $250,000 a year payroll threshold and would...

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Small Business Health Insurance Rates - News

Sen. Brown: Affordable health insurance for small businesses Boston Globe

- Jul 17, 2009

Sen. Brown: Affordable health insurance for small businessesBoston GlobeA small business would receive the same insurance rate whether or not they purchase their health insurance plans through these organizations. and more »

Obama Says Health-Care Reform Essential to Repairing Economy Washington Post

- Jul 18, 2009

Daily NationObama Says Health-Care Reform Essential to Repairing EconomyWashington PostSelf employed people need a health care plan that provides the self employed with both a business deduction for health insurance premiums and a public Health care a hot potato for CongressFriday Talking Points [86] -- Obama Warms Up In The BullpenPresident Obama's Full Court Press on Health Care Reformall 2,379 news articles »

Impacts of 2007 health insurance law now unfolding Face The State Colorado

- Jul 14, 2009

Pressemeldungen.at (Pressemitteilung)Impacts of 2007 health insurance law now unfoldingFace The State - ColoradoA 2007 state law is being blamed for dramatically higher health insurance rates for small businesses, but lawmakers and regulators say the bill isn't the The healthcare squeeze on small businessesObamacare's Six Worst FlawsAffordable Group Health Insurance Is A Blessing For Many People all 11 news articles »

A Reckless Congress Wall Street Journal

- Jul 16, 2009

CBS NewsA Reckless CongressWall Street JournalThis is on top of the current 15% payroll tax, and in addition to a new 2.5-percentage point tax on individuals who don't buy health insurance. Small business tax increasesHouse plan boosts taxes on rich to 20-year highConservative Democrats threaten to block health billall 2,752 news articles »

Healthcare bill would cut costs to small firms Boston Globe

- Jul 15, 2009

ABC NewsHealthcare bill would cut costs to small firmsBoston GlobeTo base more payments on Medicare rates would drive primary care physicians out of business, he said. Tim Gens, executive vice president of the House Health Plan Outlines Higher Taxes on RichPublic plan central to health care reform debateReaction among Baltimore-area stakeholders mixed to health care all 4,086 news articles »

Small Business Health Insurance Rates - Insurance Rates