Tuesday, September 18, 2012

27. Healthcare IS the Economy

Let’s talk about how Obamacare will affect businesses in this country. Yesterday
I mentioned the new taxes on insurance companies, medical device and
pharmaceutical manufacturers, and personal investments, including real estate.
These taxes will cost all Americans, not just the millionaires and billionaires.

There are thousands of business owners who plan to stop offering health
insurance to their employees altogether due to the high cost of the new policies
they will be required to get through the healthcare exchanges and private
insurers. As a result, thousands of business owners will be “taxed” $2000 for
each of their employees. So much for job creation…

There are increased taxes on employers for Medicare part D coverage for their
retired employees.

There is a whopping 40% tax on what they call “Cadillac” insurance policies—
those that have very high premiums. Before you say, “those millionaires and
billionaires can afford it”, consider that, by 2018 when this provision takes affect,
a great number of the insurance policies out there may qualify for this tax!! Oh
but wait…that tax applies to all companies except labor unions. What…you
didn’t know that? Yep, labor unions are exempt. Still think Obama cares
about “Fairness”??

And we haven’t even talked about how the states are going to pay for their new
healthcare exchanges—exchanges that they will be forced to support on their
own starting in 2016 when the federal support, paid for by our tax dollars, runs
out. Estimates are that the running of these new bureaucracies could be up to
$30Million per year for each state. Think your state will be looking for new ways
to tax you and your employer as well?

There’s a popular saying regarding the key issue in this election: “It’s about the
economy stupid”. Considering all of the new taxes, the effect on investments
and the real estate market, the effect on employers, and the disruption of
our healthcare system that makes up 1/6 of our economy, in my opinion, this
healthcare law IS about the economy...stupid!

(Note: This commentary is by Dr. Jill Vecchio.)

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