says the mailings did not help.
Democrats promised that more than 4 million small businesses would benefit greatly from the previous tax credit included in the health care law. Two years later the Obama Administration hasnt even reached 6 of their goal.
A recent Gallup poll found that 48 of small businesses arent hiring because of the potential costs of insurance under the health care law. Tinkering with tax credits wont make it any easier for Americas small business owners to deal with the Presidents health care law.
The entire law is bureaucratic complicated and harming Americas job creators. Until we repeal and replace the law small business owners will continue to say it makes it harder and more expensive for them to grow and hire new workers."
-- Senator John Barrasso (R-WY) responding to the White House Fact Sheet" released earlier this week on a Treasury budget proposal that attempts to expand & simplify Obamacares Small Business Tax Credit.
The proposal comes after a recent report from the Treasurys Inspector General finding only 228000 taxpayers claimed the credit as of May 2011 far less than the 4 million some outside groups were claiming could receive the credit. Implementation Failure The credit like the Presidents health care law itself is bureaucratic and poorly constructed. Republicans pointed that out more than a year ago that this credit was too complex to be of much assistance to small businesses. Independent experts agree the non-partisan Congressional Budget Office said before the law passed that only 12 percent of individuals with small business coverage would actually benefit from the credit. The Treasury Inspector General reported that there are multiple steps to calculate the Credit and seven worksheets must be completed in association with claiming the Credit." Costs on Small Businesses The Presidents health care laws small business tax credit is having a nonexistent effect on most small businesses. The law is actually imposing new costs and burdensome regulations on businesses. This week a Gallup survey found 48 of small businesses are not hiring because of the potential cost of health care and 46 are not hiring because of concerns over government regulations and both of these problems are due in large part to Obamacare. The law imposes nearly $800 billion in higher taxes and dozens of new insurance mandates each of which could raise premium costs by 1-3 percent. An article in the New York Times highlighted the skyrocketing premium increases faced by small businesses profiling small firms hit with premium increases of 20 40 even 60 percent or more. Another Failed Promise The Administration is belatedly admitting that one part of the Presidents health care law is bureaucratic complicated and harming small businesses. It would be much better for the Administration to admit that the entire law is as one analyst put it arguably the biggest impediment to hiring particularly hiring of less skilled workers."
