Election Watch: Obama unveils $6 billion small business health plan | AccountingWEB

Election Watch: Obama unveils $6 billion small business health plan

Democratic presidential hopeful Senator Barack Obama (D-IL) has presented his plan for a $6 billion per year health plan that would provide tax credits for small businesses that health insurance to employees.

The Obama plan requires businesses to provide coverage or pay a fine, but it exempts small businesses from the mandate, The Wall Street Journal reports.

The Obama camp reports that less than half of small firms offer heaLth insurance to employees, down from 57% in 2000.

Under the Obama plan, taxpayers would reimburse small businesses as much as 50% on the health insurance premiums they pay on behalf of employees in the form of tax credits. To qualify, the businesses will have to offer a "quality health plan" for all workers and cover a "meaningful" share of the costs, said Jason Furman, Obama economic policy director.

Obama has also indicated plans to make it easier for generic versions of many drugs to enter the market, stimulating competition and driving down prices, the Journal reports.

Wait, there's more!
There's always more at AccountingWEB. We're an active community of financial professionals and journalists who strive to bring you valuable content every day. If you'd like, let us know your interests and we'll send you a few articles every week either in taxation, practice excellence, or just our most popular stories from that week. It's free to sign up and to be a part of our community.
Premium content is currently locked

Editor's Choice

WHAT KIND OF FIRM ARE YOU?
As part of our continued effort to provide valuable resources and insight to our subscribers, we're conducting this brief survey to learn more about your personal experiences in the accounting profession. We will be giving away five $50 Amazon gift cards, and a $250 Amazon gift card to one lucky participant.
This is strictly for internal use and data will not be sold
or shared with any third parties.