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There's more to this than just the expiring cuts though.
There are Obamacare taxes hitting.
There's a boatload of regulations going into effect that will hit consumers.
This tax bill won't come due until 2014 when you file your 2013 returns.
Without really knowing all the changes coming in 2013 it's hard to budget your finances.
Some will be able to do it with the known changes but many of us that think we're not in that 1% and won't be effected will be in for some big surprises next year.
The sky is falling! The sky is falling!
Most workers have health care. They will not be effected by any Obama Care taxes. If your business doesn't provide health care, it should.
Anyone can compute the change in taxes. If you are in the top rate, your additional tax is only on that above $250,000 and it's 3% more.
If the rates increase for everyone, we go back to the rates under Clinton. I don't remember having trouble paying my taxes in the 1990s and the government was fully funded.
If the rates increase for everyone, we go back to the rates under Clinton. I don't remember having trouble paying my taxes in the 1990s and the government was fully funded.
I totally get that, but raising taxes now will not result in our government being fully funded.
Most workers have health care. They will not be effected by any Obama Care taxes. If your business doesn't provide health care, it should.
ObamaCare actually makes it more cost-effective for businesses to discontinue health insurance and cast employees onto the ObamaCare insurance exchanges.
Net effect: Paying the penalty will be less costly for businesses, while buying ObamaCare exchange health insurance will be more expensive for employees.
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If you were a business and you had the option of paying a $2000 fine per employee, or $14,000 in health insurance premiums, what would you do? Especially if you could dump workers guilt-free into government-subsidized insurance exchanges.
ObamaCare actually makes it more cost-effective for businesses to discontinue health insurance and cast employees onto the ObamaCare insurance exchanges.
Uh, it's already more cost-effective for businesses to discontinue health insurance. PPACA makes it less so. I'm an employer that provides health insurance to all of my full time employees. My business partners and I actually cover 100% of their premiums. Right now there is no financial incentive for me to provide health insurance to them, other than it's a good benefit to attract high quality employees. Right now, it costs me $xx,xxx/mo to provide that coverage, and it would cost me $0 to drop it. Under PPACA, if I were to drop coverage, it would cost me a penalty. So for an employer like me, what you have said is absolutely false. PPACA makes it less cost-effective for me to drop health insurance.
The employers that the penalty will hit hard are ones who do not provide health insurance to regular employees who work more than 30 hours a week. Lets say a business defines full time as 40 hours/week, and doesn't offer health insurance to anyone under that threshhold, but they have 100 employees that work between 30 and 40 hours/week. Once the penalty is implemented, they will have to either cover those additional 100 employees, or pay a penalty. Those companies need to weigh the additional cost of the penalty vs. the additional cost/benefit of providing the coverage.
I personally believe that health insurance should be de-coupled from employment, because it causes problems when individuals have lapses in employment. I just provide it because I want to be a competitive employer. I think the exchanges are a good thing for everyone except insurance brokers. Brokers actually have access to general agencies who provide similar services to an exchange - with a search engine that can compare and compile quotes for different coverage. The exchanges just cuts out the middle-man by bringing that functionality directly to the consumer.
Basicvaly I am more worried about the indirect increases from raising taxes that what I see. Also I see local and state taxes going up as there will be a big hit to federal revenue sharing.I have been preparing for what the defcit means for years and looking at savings and delevering I would say many others have too.I wuioll tho cut back on some things in order to keep wealth.
Uh, it's already more cost-effective for businesses to discontinue health insurance. PPACA makes it less so.
Now, yes. Under ObamaCare, no. ObamaCare has essentially guaranteed that employers will cast off their employees who will then be forced to purchase mandated health insurance provided by government exchanges. That will ultimately cost employees much more than they currently pay for health insurance.
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I personally believe that health insurance should be de-coupled from employment, because it causes problems when individuals have lapses in employment.
I do, too, but most people have NO clue how much of an additional cost they will incur by having to always purchase their own insurance.
Cut salaries and benefits for all GOP elected officials. Hopefully they'll get the message and slink back home.
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Not a thing...
