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The best bet is to 1099 your workers and just pay them straight salary. The workers then have to take care of their own taxes and insurance. That seems to be the future trend because the administration part is complex. Small businesses don't have accounting depts/legal depts/etc. and to hire that out takes money as well. When they 1099 a worker all that hassle is now put on the worker's back.
Sad to say this is the trend. Go LLC and 1099 workers as you need them.
These people don't pay any income taxes now. What makes people think they will suddenly start paying the penalty.
Furthermore, small businesses now pay average of $12000 per employee for coverage. Where's the incentive not to just pay the much less $2000 penalty to drop them all on the exchanges?
Basically you have 20-50 million people dumped on medicare when its already broke, as well as the dangerous precedent of being forced to buy a good or service to maintain good standing with the government. Call it a tax, call it a mandate, whatever...but in reality its fundamentally un-American.
The cost of this health care law raises the Federal Budget less than 2%.
If you want to balance the budget, cut defense, and restore the tax rates for those earning over $250K per year.
The best bet is to 1099 your workers and just pay them straight salary. The workers then have to take care of their own taxes and insurance. That seems to be the future trend because the administration part is complex. Small businesses don't have accounting depts/legal depts/etc. and to hire that out takes money as well. When they 1099 a worker all that hassle is now put on the worker's back.
Sad to say this is the trend. Go LLC and 1099 workers as you need them.
Yeah, that's what we're going to do now that the law has been decided.
Furthermore, small businesses now pay average of $12000 per employee for coverage. Where's the incentive not to just pay the much less $2000 penalty to drop them all on the exchanges?
This is what will happen, they will all go to exchanges. We own a small business and if I had the choice of paying a $2K penalty or sending my folks to an exchange? Off you go folks!
Within 10 years IdiotCare will be worse than Medicare and unsustainable. Medicare can be controlled by reducing benefits. In this case, the Health Care industry drives the cost of care so two things will happen:
a) They will have no choice but to increase the tax
b) They will attempt to take over the Health Care industry and control costs by making it a government program
IdiotCare is exactly why our Government should stay out of industry.
Countries with much higher taxes, more regulation, and universal healthcare rate happier, havea higher standard of living, more press freedoms, less corrupt.
What about their xenophobic immigration policy? How about we replicate that too? Or do you just want to cherry pick what you like and see if it creates the same outcome?
If I understand this correctly, then a single person earning $40,000/year just received a 20% increase in their federal taxes if they dont buy insurance.
The approximate real federal tax on $40,000 single filer earnings is 15% which is about $6,000/yr. The "tax" on not buying insurance will be 2 1/2% of income after 2016. This is $1200. $1200 is a 20% increase over the $6000 you would already pay. It doesnt seem you can avoid it either.....if you dont pay the tax...the IRS can come after you or seize any refund you might have received.
Am I missing something here.....please enlighten me if so.
I know the answer is "buy the health insurance" and avoid the tax, BUT anybody know where I can get a policy for $1200 per year???
Countries with much higher taxes, more regulation, and universal healthcare rate happier, havea higher standard of living, more press freedoms, less corrupt.
Poppycock.
Even if this is true which you haven't demonstrated, you are confusing correlation with causation.
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