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