How Will ObamaCare Affect My Small Business? 11 Points

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

Marina Del Rey Harbor Cruise with Scott

My friend Scott is a hotel concierge at the Thompson. As a hotel concierge he gets invited to restaurants, bars,  nightclubs, cruises, plays, shows, surfing lessons and parasailing lessons all for free by entertainment business owners who want him to refer customers to them. Tonight he and I went on a comped cruise in Marina Del Rey… and he won a $100 visa card!… read more “Marina Del Rey Harbor Cruise with Scott”