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Understood, the PAYGO issue is why I asked the question about the funding for this new proposed initiative. It can be pretty expensive, depending upon how it is structured (minority business only or all small business, and what is the criteria to meet max contribution?).
He didn't get into the cost impact, sources of funds or cost, but Obama offered another target voter group some goodies:
(AP) Barack Obama on Sunday proposed up to a 50-percent tax credit for small businesses providing health insurance to their employees, a program he hopes has special appeal to Hispanics and other minority groups struggling for a toehold in the U.S. economy.
"Make no mistake about it: The Latino community holds this election in your hands," Obama said to cheers. "I am here today to make you this promise: I will be a president who stands with you and fights for you and walks with you every single step of the way."
Obama Suggests Tax Credit For Business Health Care, Obama Suggests Small Business Health Care Credit As He Courts Hispanic Voters At Convention - CBS News (broken link)
Not having a clue about business (except to bash it) Obama obviously is not aware that employees' insurance costs are already tax deductible to the business. So that's not the problem with the cost of health insurance. The problem is government regulation that makes policies so expensive. The answer is increased competition. There is a bill in Congress that would allow employers (and individuals) to purchase health insurance across state lines (similar to car insurance). In states that already allow this health insurance costs for businesses are manageable. If Obama really wants to do something significant (rather than pander to Hispanics) he ought to get behind this legislation.
Promises ;promises ;promises. Proposal do not make for a change of tax law or where the money wil come from. Adding up all teh promises made during thsi campaing ;I is ike telling my waide that we are going to move into a mansion. The frst thing she will say is "And who is going to pay for YOUR mansion i nthe sky" Oh well;I offered.
Obama's website says that he will impose a payroll tax on those businesses that don't provide insurance.
I had seen that too, but one is a potential cost (what he now proposes) while the other was a potential revenue (what you referenced from his website).
I'd love to read about how he reconciles these two positions...
Oh I did but this is the latest in a number of outrageous attempts to get votes. Have you done your research on how much more Obama is going to cost with all his new plans?
I had seen that too, but one is a potential cost (what he now proposes) while the other was a potential revenue (what you referenced from his website).
I'd love to read about how he reconciles these two positions...
It pays for itself? Redistribution of wealth and profit.
What kind of nonsense is that? He's trying to garner votes by keeping tax cuts on 1% of the population? If he was trying to sucker voters, he would be playing the same tune as Obama - instead, he recognizes that increasing taxes on small business(which is what Obama will do by letting the tax cuts for those making over $250k will do) is bad economics during a slowdown or recession.
What kind of nonsense is that? He's trying to garner votes by keeping tax cuts on 1% of the population? If he was trying to sucker voters, he would be playing the same tune as Obama - instead, he recognizes that increasing taxes on small business(which is what Obama will do by letting the tax cuts for those making over $250k will do) is bad economics during a slowdown or recession.
yeah, yeah, yeah, bush tax cuts did real good for the economy, these 8 years have been spectacular, same old conservative policies that have been proven not to work, and as mccain admited he knows MOD CUT about the economy
Last edited by NewToCA; 07-14-2008 at 09:32 PM..
Reason: language
Not having a clue about business (except to bash it) Obama obviously is not aware that employees' insurance costs are already tax deductible to the business. So that's not the problem with the cost of health insurance. The problem is government regulation that makes policies so expensive. The answer is increased competition. There is a bill in Congress that would allow employers (and individuals) to purchase health insurance across state lines (similar to car insurance). In states that already allow this health insurance costs for businesses are manageable. If Obama really wants to do something significant (rather than pander to Hispanics) he ought to get behind this legislation.
I too am confused on this matter. Business' costs of paying health insurance premiums for their employees are already fully deductible. What am I missing here?
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