At a meeting last week, the mention of “health care reform” stirred the group. The topic has a way of doing that, when mentioned in the company of business people. The consensus being that regardless of whether the Patient Protection and Affordable Care Act is repealed, reworked, revised or rammed through as planned, business owners are going to get screwed.
That”™s not to say the business community dismisses the merits of the plan ”“ insuring every American is certainly the noble and needed thing to do ”“ but someone”™s going to have to foot the trillion-plus-dollar bill.
Many business owners fear they will be picking up an unfair portion of the tab ”“ which in turn will result in higher rates for employees.
Yes, as it stands, under the act some small businesses can claim a new tax credit for offering health insurance to employees. A draft of Form 8941 is available from the IRS so businesses can calculate the credit, in advance of a final version of the form later this year.
But what”™s the status of that controversial provision that would require businesses, starting in 2012, to file 1099 tax forms for every vendor that sells them more than $600 in goods?
Thus the debate over the details of the federal plan. There”™s fear of the unknown. That creates uncertainty, and that”™s never a good thing for business.
The Business Journal wants to help our readers understand what this law will mean for your businesses. But first we need to hear from you. What do you think about health care reform? Please email your comments and to Caryn McBride, executive editor, at cmcbride@westfairinc.com.
Of course, the Patient Protection and Affordable Care Act has its proponents and we”™d like to hear from you as well.
We”™ll publish the different views and, hopefully, create a dialogue within the business community with the goal of clearing up some of the confusion and misinformation.
