So anyone here know how this will work? let me spell it out:
If you are an employer with 50 or more employees, you will either have to provide health care OR pay a tax of $2000 for every (full time equivalent) employee you have in excess of 30.
It gets better. A full time employee under this law is an employee that works 29 or more hours a week. No problem, just hire part timers below 29. NOPE. You take all of your part time employees, add the hours, and divide by 30. If this works out to 29 or more, then you have to pay healthcare cost or penalty.
IF you DONT have insurance, you must pay either 1% of your yearly income or $95 whichever is more.
This should be a great deficit neutral or reducing strategy....no doubt..... make me sick.
I was reading an article on HuffPo about small business and Obamacare, they interviewed this one business owner who said it best, something along the lines of: "If you have 60 employees, you have to downsize to 49. If you have 49 you dont hire...."
Last edited by txz4; 06-29-2012 at 01:06 PM.