Hillary Clinton Defends Obamacare While Backing Changes

[DonViejo]

CATHERINE THOMPSON – FEBRUARY 27, 2014, 6:45 AM EST

Hillary Clinton defended Obamacare on Wednesday while voicing her support for changes to the health care law, CNN reported.

“I think we are on the right track in many respects but I would be the first to say if things aren’t working then we need people of good faith to come together and make evidence-based changes,” Clinton said at a meeting of the Healthcare Information and Management Systems Society in Florida, as quoted by CNN.

The former secretary of state said that while provisions of the law like the rule allowing children under 26 to remain on their parents' health insurance have been successful, other issues still need to be addressed. She pointed to problems with small businesses trying to provide health care coverage to more than 50 employees and businesses dropping employees from full-time to part-time work to avoid making health care contributions as areas that need work.

“Part of the challenge is to clear away all the smoke and try to figure out what is working and what isn’t,” she said, as quoted by CNN. “What do we need to do to try to fix this? Because it would be a great tragedy, in my opinion, to take away what has now been provided.”

more
http://talkingpointsmemo.com/livewire/hillary_clinton_defends_obamacare_backs_changes

[Bandit]

1. IMO forcing small business to provide health insurance for their employees

Could be devastating for them. I own a small business, but have less than fifty employees so it doesn't really effect me but I can do the math. Payroll is my biggest expense BY FAR and if I had to add another $700 a month for each employee, it would put me out of business. Tax credits sound great but they don't come until the end of the year and have ZERO effect on Cash Flow. IMO this is the biggest flaw in the entire Law.

[DanTex]

2. Curious about the tax credits thing.

Never owned a small business, but I would think they pay some kind of quarterly estimated taxes, like individuals. Or failing that, there is the option of getting a short term loan between the time of the monthly payments and the time of the tax credit.

[edhopper]

3. Don't you pay taxes throughout the year

not just in one lump sum at the end?
If so, couldn't you adjust you tax payments to reflect the credit.

(just asking, don't know sb tax procedure)

[Bandit]

6. No not really, I pay payroll taxes after ever payday

I pay my 941 every two weeks and my 940 every year but my business is so small (around $2,000,000. a year gross receits) that I (The Business) usually have enough write-offs where I don't owe any or very little in Taxes. The business is incorporated so it has no bearing on my personal taxes.

[edhopper]

7. Okay

We could always raise the tax on all business to pay for single payer.

[ProSense]

4. Hillary finally addresses

She pointed to problems with small businesses trying to provide health care coverage to more than 50 employees and businesses dropping employees from full-time to part-time work to avoid making health care contributions as areas that need work.

...Obamacare, and this is the point she makes: "small businesses" with "more than 50 employees"?

No mention of the fact that Republican Governors are blocking millions from access to health care. I mean, she was in the perfect venue, Florida. Rick Scott is denying access to 2 million people.

Here is information on the small business credit

What You Need to Know about the Small Business Health Care Tax Credit

How will the credit make a difference for you?

For tax years 2010 through 2013, the maximum credit is 35 percent of premiums paid for small business employers and 25 percent of premiums paid for small tax-exempt employers such as charities.

For tax years beginning in 2014 or later, there will be changes to the credit:

• The maximum credit will increase to 50 percent of premiums paid for small business employers and 35 percent of premiums paid for small tax-exempt employers.
  
  
• To be eligible for the credit, a small employer must pay premiums on behalf of employees enrolled in a qualified health plan offered through a Small Business Health Options Program (SHOP) Marketplace.
  
  
• The credit will be available to eligible employers for two consecutive taxable years.

Here’s what this means for you. If you pay $50,000 a year toward workers’ health care premiums — and if you qualify for a 15 percent credit, you save... $7,500. If you save $7,500 a year from tax year 2010 through 2013, that’s total savings of $30,000. If, in 2014, you qualify for a slightly larger credit, say 20 percent, your savings go from $7,500 a year to $10,000 a year.

Even if you are a small business employer who did not owe tax during the year, you can carry the credit back or forward to other tax years. Also, since the amount of the health insurance premium payments is more than the total credit, eligible small businesses can still claim a business expense deduction for the premiums in excess of the credit. That’s both a credit and a deduction for employee premium payments.

There is good news for small tax-exempt employers too. The credit is refundable, so even if you have no taxable income, you may be eligible to receive the credit as a refund so long as it does not exceed your income tax withholding and Medicare tax liability.

And finally, if you can benefit from the credit this year but forgot to claim it on your tax return, there’s still time to file an amended return.

Click here if you want more examples of how the credit applies in different circumstances.

- more -

http://www.irs.gov/uac/Small-Business-Health-Care-Tax-Credit-for-Small-Employers

[Autumn]

5. She is correct. There are things that need to be changed.

rec