November 16, 2012

M.D. Harmon: Businesses already gearing up for new health care law

(Continued from page 1)

As McCaughey puts it, "What a shame: That's enough money to buy private health insurance plans for fully half of all Americans who are now uninsured because they can't afford it."

As Investor's Business Daily reported last week, President Obama's recent claim that 97 percent of U.S. small businesses would not be touched by his demand to raise taxes on people making more than $250,000 (for joint filers) is misleading.

As IBD noted, "For while there are 34.8 million small businesses in America, 30 million of them employ no workers (beyond the owner)."

Of the remaining 4.8 million, just 1.2 million earn 91 percent of all the small-business income. "These are Obama's 'rich,'" the paper reports.

However, "while they make up just 3 percent of all small businesses, they employ a stunning 54 percent of the total private U.S. work force. And their owners, who report their small-business income on their personal income tax return, will be taxed at a higher rate by Obama."

Much remains to be decided, including numerous suits still moving through the court system.

But Obamacare is coming into focus.

And the bill is coming due.

M.D. Harmon, a retired journalist and military officer, is a free-lance writer and speaker. He can be contacted at:

mdharmoncol@yahoo.com

 

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