New Report Highlights Penalty Provision of Health Care Bill
In a new report released by the House Oversight Committee Chairman Darrell Issa (R-CA) singled out a provision in the health care bill that has yet to be enacted. It’s a tax penalty on businesses with 50 or more workers. If those companies fail to offer government approved health insurance, they will pay two to three thousand dollars per worker.
Ed Butowsky, managing partner for Chapwood Investments, said this penalty will stifle job growth. He said, “That tax is symbolic of the entire plan. It is very expensive. Most employers like myself, I’d like to hire more people
but I know there’s going to be a lot of costs associated this, and we’re holding back.”
He said another “trickle down negative” of the health care reform bill is that there will be rising costs on products, which in turns affects consumers. He predicts that not only will people be laid off as a result, but more people will be hired as part time workers so that employers don’t have to cover the health insurance costs.