Jason Sweatt, a certified public accountant at Elliot Davis states, “The Act has tax impact, directly or indirectly, on every American. This impact will unfold over the next seven to 10 years and we all need to pay attention so we don’t get hit with unexpected cost.” This Act immediately affects small businesses dramatically. The new law focuses on employers with more than 50 employees. Due to that, small businesses will need to exert a significant amount of time and energy to learn and correct them to comply with the requirements. This can be extremely costly. This law is costly to large businesses as well. If you have more than 50 employees you have to offer coverage or be subject to a fine.
One of the largest taxes that the PPACA enacts is on health insurance, prescription drugs, and on medical devices. What this causes is for premiums as well as prices to rise sharply. What this does is put a new burden on businesses. Hospitals and doctors will struggle until they get to a much larger size. “The plan is a 40 excise tax as on higher premium plans. This would make the premium cost go somewhat upward and will make actually make the insurance premiums rise.” (South Carolina Business) “Up to six years ago, more than half of the United States Medical practices were owned by certified doctors. It is estimated that at some point next year, almost two thirds will be salaried employees of larger institutions. This is caused directly from the new law.” (Wall Street Journal) Brian Margargl...
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...siness News. EBSCO. Web. 2 Mar. 2011.
Lloyd M. Krieger. "ObamaCare Is Already Damaging Health Care. " Wall Street Journal 23 Feb. 2011, Eastern edition: Wall Street Journal, ProQuest. Web. 2 Mar. 2011.
Mariner, Wendy K., and George J. Annas. "Can Congress Make You Buy Brocoli? and Why That's a Hard Question." Perspective (2011). The New England Journal of Medicine. Web. 22 Jan. 2011.
Jost, Timothy. "Can Congress Regulate "Inactivity" (and Make Americans Buy Health Insurance)?" Perspective (2011). The New England Journal of Medicine. Web. 2 Mar. 2011.
Vinson, Roger. "Senate Votes Against PPACA Repeal; Court Says Law Unconstitutional." HR Focus 88.3 (2011): 1-4. Business Source Premier. Web. 02 Mar. 2011.
George Melloan. "The States Can't Afford ObamaCare. " Wall Street Journal 4 Feb. 2011, Eastern edition: Wall Street Journal, ProQuest. Web. 2 Mar. 2011.
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