Thursday, October 1, 2015

Thank You Obamacare, May I Have Another?

This is from a business owner:
I just got the first year bill from my payroll company for the extra reporting we have to do each year vis a vis Obamacare:  $7195.50 for 2015.  Note that this adds absolutely no value -- this is not the cost of insurance or cost of any extra taxes sent to Uncle Sam.  This is merely the cost to handle all the new paperwork required in the law. 
I will repeat what I have said before -- the Republicans tend to focus narrowly on taxes and often tend to miss or downplay the regulatory issues, which I think actually loom larger in destroying economic growth.
And yep, he is right in line with every business out there.  We have 100s of clients that are all paying between $3,000 and $25,000 for this payroll reporting service depending on their size.  We'll never know how many people won't get hired, bonuses won't be paid or businesses won't be started due to regulatory dead-loss like this.  But it is a herculean burden on the economy.