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Typical Blaze crap. The CBO guy DID NOT say universal health care would “kill jobs.” That is nonsence. What he said was that if people can get reasonably price health insurance, some will reduce their working hours below the point where they would otherwise lose insurance from their employer. And people who are working only to get insurance, might quit.
The jobs are still there. Not one job is lost. Some people would work less or quit altogether. –JZS
This is a distortion of what the CBO said. This is what is in the actual CBO report–
“The Congressional Budget Office (CBO) estimates that the legislation, on net, will reduce the amount of labor used in the economy by a small amount—roughly half a percent—primarily by reducing the amount of labor that workers choose to supply. That net effect reflects changes in incentives in the labor market that operate in both directions: Some provisions of the legislation will discourage people from working more hours or entering the workforce, and other provisions will encourage them to work more. Moreover, many people will be unaffected by those provisions and will face the same incentives regarding work as they do under current law.”
Basically, the CBO is saying that some people right now are working mostly to keep their health insurance. Once they have other options — to enroll in Medicaid, or to qualify for tax breaks to buy insurance from a health exchange — they might choose to work less. The CBO describes this as a “small segment” of the population. And, because the CBO is describing REDUCED HOURS rather than lost jobs, it never uses the 650,000 number that the Republican document cites. The Republican extrapolated that number from the CBO’s estimate of one-half percent of the labor supply.
Finally, a person who voluntarily chooses to work less is not having their job “killed” by federal legislation. -Laughing Dingo
Hey look something shiny. Honestly, if peeps would consider all the data presented they would deduce that this projected amount is rather insignificant when carried over 10 years. But that would require critical thinking vs. knee-jerk reactions to purposely misleading headlines. Whatever happened to denying ignorance?
The December 2010 issue of the trade journal Tax Notes Today quotes Richard Skorny, former IRS deputy[..]ociate chief information officer, as saying the health-care law's implementation "will be bigger than Y2K for the IRS to implement...
Health-reform’s new 1099 requirement says small businesses, charities, even government entities must issue 1099 forms to all vendors from whom they purchased more than $600 worth of goods and services a year...
The Taxpayer Advocate also notes the new 1099 form could create a huge paper tsunami at the IRS. At least 38 million taxpayers will be subject to the new requirement, including 26 million who run sole proprietorships, two million farming businesses and one million charities, Olson says in a June report, based on IRS data....
And Olson says she is worried about taxpayer mistakes, IRS mismatches and erroneous penalties. Olson also says that “the IRS has authority to impose monetary penalties against businesses that fail to file information reports...
SMC Business Councils, a top small business group in Pennsylvania, says it surveyed its members and discovered that a typical small business in the state currently sends an average of 10 1099 filings a year. But the new rules would blow out that average to more than 200 filings a year....
CBO Director Douglas Elmendorf told the House Budget Committee on Thursday that the health care law will reduce employment by 0.5 percent by 2021 because some people will no longer have to work just to afford health insurance.
“That means that if the reduction in the labor used was workers working the average number of hours in the economy and earning the average wage, that there would be a reduction of 800,000 workers,” Elmendorf said in an exchange with Rep. John Campbell (R-CA).
Read more: www.politico.com...
....The small business folks in town that I've talked to say it'll kill 'em. (their business) They'll have to let people go. They can't afford it.....
In an effort to position himself as a business-friendly moderate ahead of 2012’s presidential election, current White House occupant Barack Obama has reshuffled his staff...
...as head of the National Economic Council, Obama brought in Gene Sperling, who held the same position in the Clinton administration...in the 1990s Sperling worked behind the scenes to secure the passage of the North American Free Trade Agreement.
"He supported fundamentals of the Clinton administration policies which were really wrongheaded," Dean Baker, co-director of the liberal Center for Economic and Policy Research, told The Washington Post.
By the time Sperling moved up to take over the NEC, he was working on China’s entry into the World Trade Organization, an event which caused millions of manufacturing jobs in U.S. to be permanently lost.
With Chief of Staff Rahm Emanuel back in Chicago.. the president brought in.. William Daley, a former Clinton administration official and banker.
Daley too was instrumental in the passage of NAFTA and China’s entry into the WTO. During the debate over NAFTA, he served as a special council to the president. His only responsibility during that time was ensuring that the trade deal passed.
After delivering the trade pact that cost America 20 percent of its manufacturing jobs in just 14 years, Daley moved on to serve as Clinton’s Commerce Secretary from 1997-2000. During that time, he helped pave the way for China’s entry into the WTO.
Jeffery Immelt was tapped to lead a newly created Council on Jobs and Competitiveness.
Immelt, who will now have the president’s ear in an advisory role, has consistently supported the same failed trade policies that have cost America millions of jobs. As the leader of one of the world’s largest companies, he has been at the forefront of the outsourcing movement...
In the past, Immelt was a vocal supporter for China’s entry into the World Trade Organization. He also spoke out against the proposed “buy American” provision.
Immelt, Daley and Sperling certainly do not represent the “change” the president was fond of referring to in 2008. In fact, all three represent more of the same - failed trade policies that result in the loss of millions of jobs.
Sperling also played a major role in repealing the Glass-Steagall Act, which separated commercial and investment banking. Many observers credit the act’s repeal with causing the financial crisis that brought the economy to its knees. www.economyincrisis.org...
Originally posted by crimvelvet
Businesses especially the larger businesses like Sam's Club/Walmart, Office Max, and Home depot refuse to give out their business tax number. This will shut down a lot of small businesses who rely on these big chains for supplies.
Originally posted by kinda kurious
Whatever happened to denying ignorance?
Originally posted by Flatfish
You might have better luck selling these lies to some other group of gullible fools like a republicans.
Originally posted by MindSpin
OP...why do you distort and mislead so much?
Originally posted by randyvs
.....800,000. that just sounds over the top and exaggerated..
As a small business owner, I do not pay tax on items for resell. (Only the end user pays tax) I am tax exempt on those items. I don't get THEIR Tax Exempt ID #, THEY GET MINE. Perhaps I'm not clear on your point or you are not clear on the rules. Why would a purchaser require their Tax ID?
With just a few short sentences in the 2010 health care act, the IRS form 1099-Misc just became the most important tax form in existence.
Starting after December 31, 2011, the 1099 will function as a tax form for ALL business to business transactions of over $600.
Yes, for each and every b2b sale or combination of sales worth more than $600, each party will have to collect information about the other and submit a 1099 to both the parties involved and the IRS.
So, if your business were to purchase a laptop from WalMart for $600, you would have to fill out a 1099 form.
However I must say that you are overlooking some major advantages as to why it makes sense for businesses/employers to offer health care benefits.
Leveraged buyouts involve an investor, financial sponsors or private equity firms making large acquisitions without committing all the capital required for the acquisition. To do this, a financial sponsor will raise acquisition debt which is ultimately secured upon the acquisition target... en.wikipedia.org...
...In January 1982, former US Secretary of the Treasury William Simon and a group of investors acquired Gibson Greetings, a producer of greeting cards, for $80 million, of which only $1 million was rumored to have been contributed by the investors. By mid-1983, just sixteen months after the original deal, Gibson completed a $290 million IPO and Simon made approximately $66 million. The success of the Gibson Greetings investment attracted the attention of the wider media to the nascent boom in leveraged buyouts. Between 1979 and 1989, it was estimated that there were over 2,000 leveraged buyouts valued in excess of $250 billion... en.wikipedia.org...
....These days, corporations seem to exist for the investment bankers.... In fact, investment banks are replacing the publicly held industrial corporations as the largest and most powerful economic institutions in America.... THERE ARE SIGNS THAT A VICIOUS spiral has begun, as each corporate player seeks to improve its standard of living at the expense of another's. Corporate raiders transfer to themselves, and other shareholders, part of the income of employees by forcing the latter to agree to lower wages. January 29, 1989 New York Times: LEVER AGED BUYOUTS: AMERICAN PAYS THE PRICE
....Both economic and regulatory factors combined to spur the explosion in large takeovers and, in turn, large LBOs. The three regulatory factors were the Reagan administration's relatively laissez-faire policies on antitrust and securities laws, which allowed mergers the government would have challenged in earlier years; the 1982 Supreme Court decision striking down state antitakeover laws (which were resurrected with great effectiveness in the late eighties); and deregulation of many industries, which prompted restructurings and mergers. The main economic factor was the development of the original-issue high-yield debt instrument. The so-called "junk bond" innovation, pioneered by Michael Milken of Drexel Burnham, provided many hostile bidders and LBO firms with the enormous amounts of capital needed to finance multi-billion-dollar deals.... www.econlib.org...
...In the 1980s during the great takeover boom and hollowing out of the industrial heartland, many states adopted amendments to their corporate codes that codified directors' fiduciary duties, so-called "constituency statutes". In general, these provisions made it clear that a director need not "maximize shareholder value." Rather, in complying with their fiduciary obligations, directors may take all sorts of things into consideration - the impact of their decisions on various constituencies, including employees, the community, the environment, the color of the sky, whatever...
The 1980s LBO boom was a scourge for management. They used whatever tools at their disposal to prevent an acquisition... The Delaware courts stepped in... In short, the message from the courts was that boards did not have a free hand to put off all takeover attempts... [remember many firms are incorporated in delaware because of business friendly laws] lawprofessors.typepad.com...
‘Whitewashed Windows and Vacant Stores’
As I drive around my town, I can’t get the lyrics or somber melody out of my head. It is like witnessing old friends drop dead one by one....
And, it isn’t just small enterprises. We lost a Circuit City, a Chevrolet dealership, tried-and-true franchises like Dairy Queen and Arby’s. Last week Sam’s Club announced it will close its local big box bulk store. Then came news that Wal-Mart, the parent company, intends to lay off 10,000 Sam’s Club Employees. Even the ubiquitous 99 cent stores have been cut in half....
So, the businesses that provided jobs are gone, the office and retail space sits vacant, likely in default. The windows get broken, the walls get tagged, the weeds grow, trash blows, and, with no one to stop it, nature begins the process of permanent destruction. The value of those businesses and real estate is now gone.
Once Wall Street realized that success can only be so profitable but failure has unlimited potential, the race was on to loan money and securitize the debt.
Just like sub-prime residential mortgages, commercial real estate financing and corporate raiding offer opportunities on many fronts. Private-equity groups bought up large retailers and buried them in debt. Leveraged buyouts, as their name implies, are exactly that, leveraged, in that most if not all of the purchase price is borrowed money. The buyer has little, if any, skin in the game.
You might be familiar with the mall-based, teen-focused, accessories chain, Claire’s Stores. It was taken over in 2007 by Apollo Management LP for $3.1 billion. At the time, the chain had over $245 million in cash on hand. Today, the cash is gone. Struggling under the weight of $2.3 billion in debt, sales continue to decline.
Underlying all of this are the same activities that led to losses in sub-prime residential equities. Money was looking for a home, and some investors saw that cash could be leveraged out of these enterprises by buying them with someone else’s money and looting the assets....
At first blush, it appears the root of the problem is in a word - GREED. If so, on that we can agree.