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Surcharge Would Hit Small Biz

For many years, health care has been the number one issue for small business owners. Taxes come in a close second. To pay for health care reform, Congress is proposing an increase in taxes that would hit small business pretty hard.

The House Democrats' health reform bill would charge individuals and households with $1 million in annual income a 5.4% surtax to help pay for health care coverage for the uninsured; those earning $500,000 to $1 million would pay a 1.5% surtax, and those earning $350,000 to $500,000 would pay a 1% surtax. It would also hit all but the smallest businesses with a penalty equal to 8% of payroll if they fail to provide health insurance to workers. It is no secret that we need health care reform, but increasing taxes and regulations on already struggling businesses is not a solution. WSJ