House Democrats plan to create universal healthcare by placing massive tax penalties on small businesses.
From tomorrow’s Wall Street Journal:
House Democrats on Tuesday unveiled sweeping health-care legislation that would hit all but the smallest businesses with a penalty equal to 8% of payroll if they fail to provide health insurance to workers.
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Under the House measure, employers with payrolls exceeding $400,000 a year would have to provide health insurance or pay the 8% penalty. Employers with payrolls between $250,000 and $400,000 a year would pay a smaller penalty, and those less than $250,000 would be exempt.
The relatively low thresholds for penalties triggered criticism from Republicans, who said the burden on small business is too high.
Rep. Dave Camp of Michigan, the top Republican on the Ways and Means Committee, said the House bill would “impose massive new taxes and mandates on employers, especially small businesses.”