Essay on Obamacare and Small Businesses - 1289 Words

Obamacare and Small Businesses Adverse Effects Obamacare seems to have a plethora of negative elements attached to it. When it comes to small businesses, Obamacare might potentially have an adverse effect on the employers and workers. However, at this time we cannot do anything for fellow citizens that are feeling the emotional and monetary distress that they’re enduring as a result of Obamacare. There is a possibility Obamacare will have a negative impact on small businesses. Attributable to the anticipation of Obamacare, small businesses have already started replacing full-time employees with part-time employees. In anticipation of Obamacare, employers need to decide what the most effective economic choice is for his or her business.†¦show more content†¦Small businesses with more than 50 full-time employees with an average annual wage above 250,000 must provide health coverage to full time employees come 2015. This is sometimes called â€Å"The employer mandate†. (Obama Care Facts). Obamacare employer mandate could be a downfall for the most non progressive future for many businesses. Not only will businesses have a hard time flourishing, but the new requirement makes it more expensive for businesses to hire workers in the future along with reducing full-time employees to part-time employees. In anticipation of Obamacare, employers will need to decide w hat the most effective economic choice is for his or her business. The business will have to insure their employees and may qualify for a tax credit or pay a 2,000 penalty a year for each uninsured employee. Obamacare will give small businesses tax breaks and credits to cover small businesses cost increase. Whereas ninety six of employers won’t pay further taxes, there is an increase to the current Medicare Part A, paid by 3% of businesses and employees making over $200,000. There is also a requirement for employers with the equivalent of over 50 full-time employees to obtain health insurance for their workers or pay a penalty by 2015. Employers will have the option of providing health insurance coverage for all of their workers or paying a penalty (â€Å"Opposing employer mandate†). Employers that offer coverage must meet a minimum benefit and contribution requirementShow MoreRelatedThe Medical Coverage of Small Businesses and ObamaCare1907 Words   |  8 PagesObama Care With more than half of the private sector in the United States, small business makes a crucial part of the economy of the country. Out of the 90 million people hired, 50% of them are working in small businesses or small establishments. (Wiatrowski, p 29) Regardless of how popular they are how much success they have had, finding out an exact definition of a small business is very difficult. The Office of Management and Budget states that an establishment or a business is basicallyRead MoreObamacare Will Impose New Health Coverage963 Words   |  4 PagesObamacare will impose new health coverage costs, the employer mandate, compliance regulations, and new taxes on all businesses. Altogether, these constraints will dramatically affect companies’ per-employee costs, desire to provide health coverage, and motivation to grow in terms of both income and employment. Further Burdening Businesses. Obamacare is likely to exacerbate many of the concerns and costs that are already burdening businesses—particularly small-business owners—in at least four waysRead MoreEssay about The Welfare Programs and The Economy in the United States 1138 Words   |  5 PagesSmall businesses are contrived to give all of their employees health care due to Medicare. 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Flynn November 06, 2013 To Care or Not to Care: Obamacare For the past years, our country’s health care programs have been asked and petitioned to be improved. President Obama took action into account and decided it was time for our nation to have an affordable and well operated health care program, known as Obamacare. A bill that would allow us to grow and succeed at an affordable cost, but to what expense? Obamacare has severe consequences that will harm our nation’s future andRead MoreObamacare : An Controversial Topic Amount American People888 Words   |  4 PagesObamacare is an extremely controversial topic amount American people. What was originally supposed to help the uninsured receive insurance has turned out to be anything but that. Obamacare is one of the most unproductive investments that Obama and his administration team have unveiled. The time and effort they spent on Obamacare could have been spent coming up with a valid and cost effective way for uninsured Americans to obtain health coverage. Obamacare has caused many Americans to remain