Obamacare Tax Cuts Get “Lost in the Fine Print”
Stringent Requirements Exclude Many Small Businesses from Financial Assistance
President Obama Promised Economic Benefits as a Result of His Healthcare Overhaul:
“President Barack Obama used his weekly radio address to tout the economic benefits of overhauling the health care system, saying that reform would help build a ‘new foundation for our economy to create the good, lasting jobs and shared prosperity of tomorrow.’” (Nia-Malika Henderson, “Obama: Health bill will create jobs,” Politico, 1/9/2010)
RED ALERT: Obama’s Small Business Cuts Get “Lost in the Fine Print”:
“Zach Hoffman was confident his small business would qualify for a new tax cut in President Barack Obama's health care overhaul law. But when he ran the numbers, Hoffman discovered that his office furniture company wouldn't get any assistance with the $79,200 it pays annually in premiums for its 24 employees. ‘It leaves you with this feeling of a bait-and-switch,’ he said. When the administration unveiled the small business tax credit earlier this week, officials touted its ‘broad eligibility’ for companies with fewer than 25 workers and average annual wages under $50,000 that provide health coverage. Hoffman's workers earn an average of $35,000 a year, which makes it all the more difficult to understand why his company didn't qualify. Lost in the fine print: The credit drops off sharply once a company gets above 10 workers and $25,000 average annual wages.” (Ricardo Alonso-Zaldivar, “FACT CHECK: Tax cut math doesn't add up for some,” Associated Press, 5/20/2010)