Wall Street Journal — Small Business Faces Big Bite
While President Obama was in Michigan taking swipes at his economic detractors and rather ruefully saying he was ready to take ownership of the economy after Republican failures, his fellow Democrats in Congress were helping him in his goal by moving ahead a health care plan that fits his requirements, particularly a national health service and a path to near-universal coverage.
But as writers Janet Adamy and Laura Meckler point out the legislation, backed by all of the House grandees from Nancy Pelosi on down, the legislation is expensive, would undercut private insurance substantially, levies a massive tax on high earners and forces businesses with payrolls of more than $250,000 to pay insurance or a penalty equal to 8 percent of their total payroll.
