- April 26th 2012
House Republicans are objecting to taxes earmarked to fund key health system reforms, saying that raising new revenues from businesses would hinder employers from hiring workers.
The House Small Business Committee held an April 18 hearing to discuss taxes created by the 2010 reform law. Republicans are pushing to lower taxes on businesses, but a dozen taxes related to the law will be levied on companies and individuals by 2014. They include tax penalties on certain businesses that do not provide health coverage to workers and surtaxes on investment income for individuals with income more than $200,000.
“Small businesses are especially sensitive to expected tax policy because they must make important, long-term decisions today on investment, hiring and expansion,” said Rep. Sam Graves (R, Mo.), the committee chair.
Starting in 2013, a 3.8% surtax will be levied on investment income of more than $200,000 for individuals and more than $250,000 for couples, according to a comm [Read more]