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Thread: Jay Carney on Obamacare

  1. #21
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    Quote Originally Posted by swampcollielover View Post
    Buzzy Babbles Again! No logic, no critical thinking, just babble!

  2. #22
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    Quote Originally Posted by swampcollielover View Post
    Buzzy Babbles Again! No logic, no critical thinking, just babble!
    Whats funny is that not one repub voted for this crap law, that would mean Obama and the dems own it lock stock and barrel. When it finishes imploding on its own weight the dems will be the ones not remebered so kindly in the dustbin of history. To blame the repubs for its failure, now that there is funny.
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    Quote Originally Posted by Eric Johnson View Post
    There is an interesting Court case soon to be heard. Essentially the plaintiff's argument is that since in the previous suit, the ACA was found to be a tax, it is in violation of the origination clause of the Constitution which says that all revenue bills must originate in the House. See George Will's column for today:

    http://www.jewishworldreview.com/col...3#.U2cQzFf-RKs

    http://tinyurl.com/lctvxv6

    Obamacare's doom

    If the president wants to witness a refutation of his assertion that the survival of the Affordable Care Act is assured, come Thursday he should stroll the 13 blocks from his office to the nation’s second-most important court, the D.C. Circuit Court of Appeals. There he can hear an argument involving yet another constitutional provision that evidently has escaped his notice. It is the origination clause, which says: “All bills for raising reveornue shall originate in the House of Representatives; but the Senate may propose or concur with amendments as on other bills.”

    The ACA passed the Senate on a party-line vote, and without a Democratic vote to spare, after a series of unsavory transactions that purchased the assent of several shrewdly extortionate Democrats. What will be argued on Thursday is that what was voted on — the ACA — was indisputably a revenue measure and unquestionably did not originate in the House, which later passed the ACA on another party-line vote.

    = more =
    Whatever it takes to scrap this crap law................
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  4. #24
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  5. #25
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    Quote Originally Posted by schusker View Post

    Here is what the person who wrote this article completely left out, the Obamacare Tax Credits for small business. I can't take advantage of it with our business because we pay on average over $50,000/year. But the companies that your article claims will be so badly hurt because they have low paid employees, well, those guys will benefit in spades from the tax credits. I assume since your employer dropped coverage, he looked into the credits and couldn't qualify? In in advance of Swampie jumping in to explain who utterly devoid my comments are of common sense and critical thinking, go blank yourself.


    http://www.irs.gov/uac/Small-Busines...mall-Employers




    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.
    Can you claim the credit?

    Now that you know how the credit can make a difference for your business, let’s determine if you can claim it.

    To be eligible, you must cover at least 50 percent of the cost of single (not family) health care coverage for each of your employees. You must also have fewer than 25 full-time equivalent employees (FTEs). Those employees must have average wages of less than $50,000 (as adjusted for inflation beginning in 2014) per year. Remember, you will have to purchase insurance through the SHOP Marketplace to be eligible for the credit for tax years 2014 and beyond.

    Let us break it down for you even more.

    You are probably wondering: what IS an FTE. Basically, two half-time workers count as one FTE. That means 20 half-time employees are equivalent to 10 FTEs, which makes the number of FTEs 10, not 20.

    Now let’s talk about average annual wages. Say you pay total wages of $200,000 and have 10 FTEs. To figure average annual wages you divide $200,000 by 10 — the number of FTEs — and the result is your average annual wage. The average annual wage would be $20,000.

    Also, the amount of the credit you receive works on a sliding scale. The smaller the business or charity, the bigger the credit. So if you have more than 10 FTEs or if the average wage is more than $25,000 (as adjusted for inflation beginning in 2014), the amount of the credit you receive will be less.
    How do you claim the credit?

    You must use Form 8941, Credit for Small Employer Health Insurance Premiums, to calculate the credit. For detailed information on filling out this form, see the Instructions for Form 8941.

    If you are a small business, include the amount as part of the general business credit on your income tax return.

    If you are a tax-exempt organization, include the amount on line 44f of theForm 990-T, Exempt Organization Business Income Tax Return. You must file the Form 990-T in order to claim the credit, even if you don't ordinarily do so.

    Don’t forget... if you are a small business employer, you may be able to carry the credit back or forward. And if you are a tax-exempt employer, you may be eligible for a refundable credit.
    Last edited by Buzz; 05-05-2014 at 11:55 AM.
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  6. #26
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    To be eligible, you must cover at least 50 percent of the cost of single (not family) health care coverage for each of your employees. You must also have fewer than 25 full-time equivalent employees (FTEs). Those employees must have average wages of less than $50,000 (as adjusted for inflation beginning in 2014) per year. Remember, you will have to purchase insurance through the SHOP Marketplace to be eligible for the credit for tax years 2014 and beyond.

    Almost all of our full time employees barely make over the $50,000. Classic re-distribution.
    Also keep in mind this is the average annual wages. This clearly penalizes small professional firms.
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  7. #27
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    Quote Originally Posted by Buzz View Post
    Here is what the person who wrote this article completely left out, the Obamacare Tax Credits for small business. I can't take advantage of it with our business because we pay on average over $50,000/year. But the companies that your article claims will be so badly hurt because they have low paid employees, well, those guys will benefit in spades from the tax credits. I assume since your employer dropped coverage, he looked into the credits and couldn't qualify? In in advance of Swampie jumping in to explain who utterly devoid my comments are of common sense and critical thinking, go blank yourself.


    http://www.irs.gov/uac/Small-Busines...mall-Employers
    Before I go blank myself would you look up how this works with S-Corps?

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  8. #28
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    Quote Originally Posted by schusker View Post
    Nope, no more to the story. Law sucks for the working, great for the ones who wont get off there ....
    It is clear you know absolutely nothing about it.

  9. #29
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    Quote Originally Posted by duckheads View Post
    Before I go blank myself would you look up how this works with S-Corps?

    Kind regards,
    It works like any other tax credit with a flow through tax structure.

  10. #30
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    Quote Originally Posted by menmon View Post
    It works like any other tax credit with a flow through tax structure.
    I can only imagine he is talking about the fact that ACA, even for companies with fewer than 50 employees, prohibits discrimination with respect to healthcare benefits. What that means is that a shareholder employee of an S-corp cannot have the company provide insurance for himself and not provide it to his non shareholder employees. If he does that, he is subject to a $100/day fine, which for one employee could end up costing the shareholder up to $36,500/year in fines per employee that is discriminated against. Pretty steep. I don't know if it is true or not, but I believe the shareholder employee could buy health insurance for himself out of the wages he receives, but could not have the premiums paid directly by his S-corp. This could be a rude awakening for some.

    I don't know if it applies the same for every other flow through, I was only concerned about our particular situation, and let the accountant figure it all out...

    By the way, congrats on the place in the Open this weekend. In the Am 4th series, Raven came to the line and was "flyer crazy." I didn't handle it well. We were one of only 4 to up all the birds but it was UGLY. Faced with another similar set-up with a flyer crazy dog, I'm hoping that I handle her at the mat better than I did Sunday morning. I panicked and in retrospect I could have done a much better job of setting up Raven for success. The water Am set-up was major league...
    Last edited by Buzz; 05-05-2014 at 01:44 PM.
    "For everyone to whom much is given, of him shall much be required." -- Luke 12:48

    Raven - Moneybird's Black Magic Marker***
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    Mick - Moneybird's Jumpin' Jack Flash***
    (Clubmead's Road Warrior x Oakdale Whitewater Devil Dog)
    Peerless - Moneybird's Sole Survivor
    (Two River's Lucky Willie x Moneybird's Black Magic Marker)

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