Small businesses (fewer than 25 full time employees with an average wage of $25,000) may be eligible for a tax rebate if they provide health insurance for their employees and pay at least 50% of the premium. The stimulus tax credit can be worth as much as 35% with the possibility of increasing to 50% by 2014.
That sounds well and good but how long with those credits last?
Good chance they are not permanent.
Remember that oldie but goodie, Cash 4 Clunkers?
once the federal money dried up, so did the sales rally
Nationwide, customers snatched up 700,000 new cars, most of them foreign-made, and the government ended up paying out nearly $3 billion toward the purchases.
“It was probably, in the end, a complete waste of taxpayer money,’’ said John Wolkonowicz, a senior auto analyst at IHS Global Insight, Lexington forecasting firm. “The dealers, who were supposed to be the primary beneficiaries, many were forced into cash flow problems because the government didn’t pay them in a timely fashion.’’
Well that didn’t turn out well, did it?
But surely the stimulus money to trigger home sales went better. Buyers were enticed into the market because of tax credits that ended in April. As such, home sales zoomed and applications for mortgages flooded banks.
So what happened after that money ran out?
The Commerce Department said new home sales fell by a stunning 32.7% in May
Back to reality.
Of course the folks in DC have never been accused of being in touch with real life. It makes you wonder if there is Thorazine in the water up there.
So wonder what will happen when those tax credits for health insurance expire?
If I have to paint a picture, you must work in Washington.
Just another stupid government trick.
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