There’s plenty of debate about whether the new health care reform bill is good for America. Whatever your views, it looks like the Affordable Care Act – a massive piece of legislation passed by Congress in March – is here to stay.
The majority of Americans without health insurance are the owners or employees of small businesses. For many of these individuals, health insurance has been unaffordable for themselves, their families, and their employees.
But the new legislation is set to change that. It makes it less expensive to purchase insurance – and it provides tax credits for small business owners who do.
And, because the aim of the bill is to get the vast majority of Americans at least minimally covered, the Act imposes tax penalties on those who don’t purchase insurance.
If you own a small business or are a sole proprietor, read on for an overview of how the bill affects you.