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National Jobs Agenda Beaver Dam Chamber of Commerce November 8, 2011. National Small Business Outlook Survey. 84% feel U.S. economy is on the wrong track. Uncertainty abounds among small businesses. Fueled by growing debt/deficit and over regulation.
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U.S. in just 11 Trade Agreements covering 17 partners.
Those partners purchased 40.7% of U.S. goods exports in 2010.
The President’s Regulatory Look Back:
Individual Mandate - Requires all to have health insurance coverage. Enforced through penalty: $695 ind/$2,914 family(2014)
Employer “Free Rider” Mandate – Fine for employers that do not offer coverage and have employees who receive premium subsidy (2014)
State Insurance Exchanges – Marketplace for individuals and small employers to purchase coverage (2014)
Subsidies – Refundable premium credits for those with incomes between 133-400% of poverty. Small business tax credits for employers with 25 or less employees.
Expand Medicaid – Access to all individuals under 65 with incomes up to 133% of poverty = $14,000 ind./29,000 family (2014)
Essential Health Benefits Package – Requires all health plans offered through the exchanges to provide at least yet to be defined “essential health benefits package” (2014)
Insurance Reforms: New regulations will seek to prevent health insurers from denying coverage to people for any reason.
Prohibit Rescinding of Coverage (unless fraud - 2010)
Prohibit Lifetime Limits (2010) or Annual Limits on Coverage (2014 group plans)
Prohibit Preexisting Conditions Exclusions (2010 for children; 2014 for everyone) Dependent Coverage for children up to age 26 (2010)
Requires Preventative Coverage (2010)
Guarantee Issue and Rating Limitations (2014)
Small Employer Credits: Up to 50% of employer’s contribution (up to 5 years).
Employer Mandate: Employers with less than 50 Full-Time Equivalents (FTE) are exempt from employer mandate
Subsidies: 25 employees or less with average workforce salary of $50,000 or less eligible for tax credits through 2016
Exchanges: Small businesses with up to 100 employees will be able to purchase coverage through the Exchange
(More than 50 full time employees)
Employers that do offerhealth insurance:
More Than Half Of Spending On “Auto-Pilot”
Biggest Driver Is Aging Baby-Boomer Generation
Recovery and Renewal for the 21st Century
Which state policies have the biggest impact on creating jobs?
Are there best practices that states are putting into action to create new economic opportunities and prosperity?
Entrepreneurship and Innovation
Exports and International Trade
Workforce Development and Training
Taxes and Regulation
States can see where they are leading and lagging and learn from the success of others
Wisconsin’s Longstanding Tradition of High Performance, Global Companies
Omni Shoreham Hotel, Washington, D.C.
For more information on the Summit, visit www.uschambersummit.com.
Nominate your all-star business for the DREAM BIG Small Business of the Year Award!The winner will receive a $10,000 cash prize.
For more information, visit www.uschambersummit.com/award. Nominations will be accepted starting August 12. Sponsored by Sam’s Club.