Even the AP is calling Obama on his lies
Surprisingly the AP decided to fact check Obama’s Small Business Tax credit included in the Patient Protection and Affordable Care Act. Ok, it’s not really that surprising they decided to fact check the tax credit. What is surprising is they were honest with the results. Obama and his half-wit press secretary Robert Gibbs have been claiming this credit will stimulate job creation. Not so shockingly it turns out the credit will actually do the opposite. As the AP reports the credit encourages small businesses to keep their number of employees low, and keep their employees salaries lower:
Zach Hoffman was confident his small business would qualify for a new tax cut in President Barack Obama’s health care overhaul law.
But when he ran the numbers, Hoffman discovered that his office furniture company wouldn’t get any assistance with the $79,200 it pays annually in premiums for its 24 employees. “It leaves you with this feeling of a bait-and-switch,” he said.
When the administration unveiled the small business tax credit earlier this week, officials touted its “broad eligibility” for companies with fewer than 25 workers and average annual wages under $50,000 that provide health coverage. Hoffman’s workers earn an average of $35,000 a year, which makes it all the more difficult to understand why his company didn’t qualify.
Lost in the fine print: The credit drops off sharply once a company gets above 10 workers and $25,000 average annual wages.
Thanks for the info AP, but you’re a little late to the party. Heck, even I got this one right two weeks ago.