House Ways and Means Committee Republicans have released this nifty new flowchart to help small businesses and their employees calculate whether or not they qualify for Obamacare’s tax credit passed earlier this year.
Employers face a dizzying array of questions and formulas before determining if they are eligible for some, all or none of this credit. In addition, the credit is limited to federal income tax liability, meaning that if a small business is losing money due to the economy, it might not be able to use the credit even if it successfully navigates the rules.
“The health care law is going to drive up premiums even further and, as this chart shows, it forces small business to work through an exceedingly complex set of calculations just to find out they may not be eligible to receive any help at all,” said Rep. Dave Camp (R-Mich.), top Republican on the House Ways and Means Committee. “No wonder the nation’s leading small business organization is suing to overturn the law. We need to repeal this law and replace it with health care reforms that lower costs for small businesses, families and taxpayers.”
The National Federation of Business has joined in the state lawsuit to block the implementation of Obamacare, saying the “outpouring of opposition to this new law was overwhelming and our members urged us to do everything in our power to stop this unconstitutional law.”
Looking at this chart you can see why.
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