This is Steven Tucker who owns a successful insurance and investment business in Chicago.
Tag Archives: business
Survey: Health Care Reform Driving Up Health Plan Costs for Employers
Of course, this very writer was predicting this from mid 2009 and onward (2) as ObamaCare is phased in more and more people and businesses are seeing the results. So much for Obama’s promise that ObamaCare would save you $2,500 a year.
NEW YORK–(BUSINESS WIRE)–Compliance with health care reform is already driving up costs for some employers’ group health plans, and a majority of employers expect price increases to be passed on to employees, according to a health care reform survey released today by the Willis Human Capital Practice, a unit of Willis Group Holdings (nyse:WSH), the global insurance broker.
“The survey suggests employers realize that costs of providing medical benefits will increase and that they will likely have to pass those costs on to their employees.”
This is what will hurt you most:
Employers expect that similar employers will pass increased costs on to employees: More than half of the responding employers felt that other, similar employers would pass more of the cost for dependent coverage on to their employees. One-third of respondents thought other, similar employers would reduce coverage to the lowest-cost package to avoid the “pay-or-play” penalty, and a majority of employers also thought that wellness programs would be expanded in scope. Finally, nearly two-thirds of the employers expected that employee contributions would be increased.
You read that correctly, the result will be increased costs to you AND reduced coverage.
Businesses Flee: California Tax Revenue Plunges 22%
Compared to last year, State tax collections for February shriveled by $1.2 billion or 22%. The deterioration is more than double the shocking $535 million reported decline for last month. The cumulative fiscal year decline is $6.1 billion or down 11% versus this period in 2011.
While California Governor Brown promises strong economic growth is just around the corner, State Controller John Chaing proves that the best way for Sacramento politicians to hurt the economy and thereby generate lower tax revenue, is to have the highest tax rates in the nation.
California politicians seem delusional in their continued delusion that high taxes have not savaged the State’s economy. Each month’s disappointment is written off as due to some one-time event.
The State Controller’s office did acknowledge that higher than normal tax refunds for February might have reduced the collection of some personal income taxes. Given that 2012 has an extra day in February for leap year, there might have been one day more of tax refunds sent out. But the Controller’s report shows personal income tax collections fell by $325 million, or 16% versus last year. Furthermore, leap year would have added another day for retail sales and use tax collection, but those revenues also fell during February-by an even larger $813 million, 25% decline from 2011.
The more likely reason tax collections continue falling is that businesses and successful people are leaving California for the better tax rates available in more pro-business states.
Derisively referred to as “Taxifornia” by the independent Pacific Research Institute, California wins the booby prize for the highest personal income taxes in the nation and higher sales tax rates than all but four other states. Though Californians benefit from Proposition 13 restrictions on how much their property tax can increase in one year, the state still has the worst state tax burden in the U.S.
Spectrum Locations Consultants recorded 254 California companies moved some or all of their work and jobs out of state in 2011, 26% more than in 2010 and five times as many as in 2009. According SLC President, Joe Vranich: the “top ten reasons companies are leaving California: 1) Poor rankings in surveys 2) More adversarial toward business 3) Uncontrollable public spending 4) Unfriendly business climate 5) Provable savings elsewhere 6) Most expensive business locations 7) Unfriendly legal environment for business 8) Worst regulatory burden 9) Severe tax treatment 10) Unprecedented energy costs.
Vranich considers California the worst state in the nation to locate a business and Los Angeles is considered the worst city to start a business. Leaving Los Angeles for another surrounding county can save businesses 20% of costs. Leaving the state for Texas can save up to 40% of costs. This probably explains why California lost 120,000 jobs last year and Texas gained 130,000 jobs.
California Governor Jerry Brown’s answer to the State’s failing economy and crumbling tax revenue is to place a $6 billion tax increase initiative on the ballot to support K-12 public schools. He promises to only “temporarily” raise personal income rates by 25% on any of the rich folk who haven’t already left.
Read more HERE.
“The Black Swan” author Nassim Taleb Cheers Ron Paul’s Economic Platform on CNBC
This is a must see interview. While I believe that Newt Gingrich is addressing the structural problems as well and has a better chance of getting it done, everything else Prof. Taleb says is spot on, and I mean spot on. This is one of those interviews that one should listen to several times.
Pay close attention to what Prof. Taleb says about the structural fiscal and monetary problems. Also listen to what he says about the value of loss in a market and how it is critical to keeping the economy healthy. Very few economists understand this critical fundamental law of economics.
Special thanks to Tamara de Silva for pointing out this interview to us.
Obama: Largest Wall Street Money Recipient, Hands Out Jobs to Contributors
There are two sources for today’s story, one is a devastating piece from the normally Obama friendly Washington Post, the other is from an Iowa PAC called the American Future Fund. President Obama was the largest recipient of Wall Street cash of any presidential candidate in 20 years. While Obama was a Senator he took more money from Freddie Mac and Fannie Mae than anyone in the Senate with the exception of who many call the architect of the financial collapse Christopher Dodd.
The Influence Industry: Obama gives administration jobs to some big fundraisers
Big donors considering whether to work the phones raising money for President Obama’s reelection campaign might consider the fate of his 2008 bundlers. Many of them, it turns out, won plum jobs in his administration.
Obama campaigned on what he called “the most sweeping ethics reform in history” and has frequently criticized the role of money in politics. That hasn’t stopped him from offering government jobs to some of his biggest bundlers, volunteer fundraisers who gather political contributions from other rich donors.
More than half of Obama’s 47 biggest fundraisers, those who collected at least $500,000 for his campaign, have been given administration jobs. Nine more have been appointed to presidential boards and committees.
At least 24 Obama bundlers were given posts as foreign ambassadors, including in Finland, Australia, Portugal and Luxembourg. Among them is Don Beyer, a former Virginia lieutenant governor who serves as ambassador to Switzerland and Liechtenstein.
The list goes on HERE.
Related:
Top 20 Industry Money Recipients This Election Cycle – Who is in the back pocket of Wall Street? – LINK.
Top All-Time Donors, 1989-2012 – Hint: Most goes to Democrats – LINK.
Wall St. Made More Money In 2.5 Years Of Obama Than 8 Years Of Bush – LINK.
Corruption You Can Believe In: Failed Sub Primes and Mortgage Fraud Lenders Funneled Money to Dodd & Obama the Most. Fannie & Freddie Gave $200 Million to Partisans-Most Went to Democrats! Dodd, Obama Among Top Recipients. Republicans Attempted to Pass Reforms-Blocked by Democrat Leadership! – LINK.
Hypocrite! Elizabeth Warren Takes Wall Street Cash! – LINK.
Corruption: Most Stimulus Funds Spent in Democrat Districts – LINK.
The taxes Democrats propose to “soak the rich” always seem to miss those who they demagogue for not paying their fair share. They have been “soaking the rich” for decades and keep missing the target. Why? – LINK.
Political Arena 