Health Insurance Tax Credit Likely to Affect Small Part of Small Business Workforce
Source:
The Washington Post (by N.C. Aizenman)
- A new Commonwealth Fund report shows that over 16 million small business workers are eligible for health insurance tax credits under the new health care law.
- The report also estimates that only 3.4 million of those workers are at firms that would take advantage of the tax credit. The majority of those firms already offer employees health insurance.
- The report says that firms that do not offer coverage are unlikely to consider the tax breaks enough of a financial incentive to begin doing so, even though there are potential stimulus benefits from the tax credits.
- The Congressional Budget Office (CBO) estimates that by 2016, the tax credits will have reduced health insurance premiums for small businesses by 8 to 11 percent. By 2016, small business employees can buy comprehensive insurance on state-based exchanges.
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