Health care law 'hit'
Insurance tax slams small business owners
- Duration 4:03
- Date Sep 29, 2012
Insurance tax slams small business owners
Also in this playlist...
This transcript is automatically generated
-- is stunning new study out on the cost of Obama -- and it shows that attacks originally intended to hit insurers.
Could be passed on to small businesses and their employees according to the report the so called hit tax.
We'll end up raising the cost of employer sponsored health insurance by up to 3%.
And in the process could eliminate 249000.
Joining us it's a small business owner David McArthur David nice to see this morning tell us about how this would affect you as a small business -- Well it's just a dollar additional -- increase on top of the increases that we've been dealing with over last -- -- the year two years three years I mean the health insurance has been going crazy for.
In its last fifteen years but since the Obama -- -- is taken off and here.
It's -- and unprecedented rate in both -- loss and then to the cost two or to the end user.
So you know with all these unfunded mandates that are involved in this we don't have a clue what our rates gonna go up this year last year was almost -- percent.
But there are employees you know -- the policy that we could bar him is almost unusable for them.
Because the deductibles and everything and gone so hard so if it's not always.
What the -- built a solar has its its -- what we're being able to provide for that for our employees as.
Unusable it's and others it's a nail in the coffin.
Now I don't I don't know how to say in fairness and -- when you're talking about all the vast increases you've seen.
-- over the past three years that was obviously before.
-- Obama care.
What kicked in and that was exactly what President Obama had used to justify passing obamacare he said -- -- spiraling.
Health care costs so your costs were rising.
Even without a -- -- -- -- I don't know about it at Augusta so but now it sounds like according again to the national federation for independent.
Business research foundation that's a mouthful your taxes could go up -- 3% what does that mean for your future and your employees.
Well what it means is it if we see another year to what we've seen in the past two years.
We will we will no longer be providing health care for -- you know we've got 52 full time employees that we pay a 100% other health care.
And that'll go away as simple as that we cannot absorb the cost any longer for whatever the way this stuff is going -- we're we're battling the laying people lost we've heard from individuals and took it is -- -- a small business owners who are saying -- -- to go through seminars to try to figure out how obamacare will impact their small business and whether or not they can hire individuals or have to lay folks off.
What is your experience in all of this.
Well you know first articulate people are off because I've got to have X amount of people to do -- the labor hours needed to stale to stay open.
So what I have to do is look who look at ways of reducing -- cost of those individuals to the business and so it comes a point where you have to make a simple decision.
Health care closed the torch health care.
Close the doors there's nothing there between there's no magic -- cash left any longer -- you can go to to pull this money out.
You can't pass the cost on to the consumers.
Every time you raise -- price and in a business like cars you price yourself beyond.
A certain portion of your customer and you reduce your sales and it's but I as I say it's a -- -- -- call it for my own personal belief.
Is exactly what this administration -- -- forcing small business to go to a national health care system because we're not going to be able to afford it.
It's going to be a lot cheaper for us to pay the penalty in not only cheaper it's going to be the only way we can survive -- -- not going to be able to absorb the cost.
And you're gonna have no choice but to -- your employees we can't do this anymore now they've got to go find their own.
And in my own personal opinion this is what are you know are liberal mindset once today is national health care and -- -- this is the road -- Ruled that a Democrat -- -- can hear your frustration.
And your anxiety about what will happen in the future thanks so much for coming sensitive.