You're watching...
FOXBusines.com’s Kate Rogers on the taxes small-business owners are paying now and in 2014 under ObamaCare.
Also in this playlist...
Auto-advance: ON
Auto-advance
This transcript is automatically generated
Well because of the new healthcare law or as people liked Colin Obama can there's a whole bunch of new tax is.
That are gonna hit small businesses that are hitting small businesses right now because we are in 2013.
Named Kate Rogers with foxbusiness.com.
On set.
But the new hairdo that we like.
To break this -- down so first of all the medical device surtax of two point 9%.
Yeah what's that about so small business hours that manufacture and sell and medical devices they'll be hit with that two point 9% surtax.
I spoke with Curtis today of The Heritage Foundation right.
And he said that many medical device manufacturers are larger companies so it's not as likely that small businesses will be hit with this.
But it's still -- potential tax.
That they can you know Saddam's -- they don't like this -- no of course not and any tax for small businesses is not something that they're really interest me how much they hate it then well the there's more than -- he and there's different -- -- -- OK so so that the next tax is a three point 8% surtax is again a tax hike and all capital gains and dividends.
So you are a sole proprietor or an individual that owns a business.
In your filing your tax is under the individual tax income form.
You're going to be hit with this surtax on me -- sneak off of investments.
If you're in the 400000.
Dollars and up tax bracket -- Got it how does that affect health and well it's part of the health care law and it's all being used to help peak for help kick.
That's crazy so basically if your investments make money they're gonna use that.
Money yes -- pay for.
People -- get health care yes.
Well that's 1988 things but it kinda look at how the break and especially for business owners -- don't have yeah.
You know lawmakers barely knew what was -- -- in the past -- -- it sounds so silly you now -- -- now and then we have a third -- this in Medicare payroll tax in this well also paints those business owners that are in an upper income bracket this went up -- point 9% it was previously two point 9%.
Now it's three point 8%.
Uncapped surtax on every dollar of income that they need over a certain level that's -- as of January -- happy new year.
All these new taxes went into -- I see how you run in the -- all of -- freezer because -- and that's all from Greece today from The Heritage Foundation number Harry and eucharist for that and gas.
And another thing that we're facing right now.
A lot of small businesses we say it's -- we say.
Under 5015.
Please relax yet that's how it's used under obamacare so now that it's when he thirteen they have 361.
Days to decide.
If Barack that threshold of fifty and below are thinking about -- they're going to start off -- health care or employees or pay the 2000 dollar.
Penalty tax per worker per year which might be cheaper and yes exactly so I also spoke with at -- -- again of The Heritage Foundation.
Yeah broke this down for me again we've been talking about this or banks unite and tax excuse me.
For the past year so now they have a full year to kind of decide if they're going to you.
Either offer those benefits to their workers -- -- that -- which might be less and he said some industries to look out for whether businesses that act that threshold.
We'll probably choose to pay.
That tax rather than offer insurance are on hospitality and service paso on -- -- -- please visit yes because they all read rely on lower income.
Workers about their jobs so instead of offering.
You know help get -- and accusing suggests.
-- -- see more of you have 45 workers makes very.
Come up with 58 -- higher again it's going to be businesses that will potentially be growing adding jobs the economy.
Choosing to stay below that fifty worker threshold that they don't have to get hit with that -- Estimates now it seems like all of these changes that's so so suddenly.
You know we were talking about them for awhile we knew the fiscal cliff was approaching me for two years about of course we new obamacare is approaching we thought maybe it.
Mitt Romney was elected president he would repeal it.
It's also we -- talking about for so long and then boom it just hits you right away he's at an earlier in the show we were talking about the fact that on January -- That payroll tax cut was not extended so every once yeah tang is a little -- last -- -- now already just a couple of days later now as we know kind of -- in the new year with some bad news is gonna happen.
Really really really now like -- a business owners don't I take after our lawmakers and -- in the very last minute to prepare for the MT is for 2014 cent a little here digging.
Very very -- Kate Rogers I hope pleaded stressed many small businesses out but bringing in 2013 with the -- -- taxes.
I article on our -- -- now thank you think you and.
