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Friday, April 02, 2010

Young Adults and the New Health Care Law

The new health care law offers a lot for everyone to worry about.

For example, taxpayers - both individual and business - should be concerned about the big increases in government spending.

Consumers need to be concerned about the accelerating costs that come with more government regulations, mandates and spending in health care.

Businesses are already concerned about the costly play-or pay mandate, whereby firms with more than 50 employees will either have to offer health insurance coverage to workers or pay a per employee tax of $2,000 as long as one employee receives a tax credit.

Individuals, including the self-employed, are rightly apprehensive about the mandate to have health insurance coverage or pay a tax up to 2.5% of income.

Those interested in the nation's economic growth and job creation should be worried about a Medicare payroll (income) tax imposed for individuals earning more than $200,000 and couples more than $250,000 - with a total tax rate of 3.8% applied to earned and unearned income, including capital gains and dividends.

As for those favoring innovation and invention in the health care sector, they should be concerned about higher taxes on pharmaceutical and medical device manufacturers.

And on and on it goes.

But another group might be surprised about how ObamaCare promises to hit them. Younger adults reportedly voted in big numbers for Barack Obama in 2008. According to the Pew Research Center, 66% of voters under the age of 30 voted for Obama, while he won the overall vote with 53%.

According to a new report from the Associated Press, however, younger adults will get hit with large health insurance premium increases under ObamaCare...


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