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How Will ObamaCare Affect My Small Business? 11 Points

Tuesday, July 31st, 2012
Posted in Joel by Joel Gross

I had one of my newest employees, Jimmy, do some research into how ObamaCare will affect small businesses for me.  Here is what he found:

  • Companies with 50+ employees are required to provide minimum health care package to employees or pay $2,000 per employee per year
  • Increased premiums for smaller businesses
  • 2.3% surcharge on medical device manufacturers
  • Panel of people to determine what is or is not cost-effective
  • 2.3% charge on any retired person making more than $80,000
  • 16,000 new IRS employees to manage tax bureaucracy
  • 10% excise tax on indoor UV tanning
  • New health insurance tax on small businesses that is distributed across health insurance providers which will be $8 billion in 2014 and grow to $14.5 billion in 2018
  • First decade the health insurance tax will impose new taxes of $87.4 billion
  • 1099 reporting requirement requires businesses to issue a tax form for every transaction over $600
  • Medicare payroll tax increases from 1.45% to 2.35% for individuals making more than $200k or couples making more than $250k