I bet not many people noticed the rider attached to H.R. 3590 also know as The Patient Protection and Affordable Care Act. Signed into law on March 23, 2010 by President Obama this law will force entrepreneurs, specifically micro-enterprise owners to foot the bill for health care reform.
More specifically, H.R.3590 details that entrepreneurs are to
- Be taxed up to for 90% of their gross profits for the first 5 employees thereby ensuring that the money the government has spent promoting small business development is recovered. Monies collected will be earmarked to lower the health care deductibles currently paid by employees of companies receiving economic stimulus monies to develop alternative fuels and better fuel efficiencies. Companies such as Chrysler, GM, Navistar and Cummins has all expressed concern that true entrepreneurs were getting to much assistance for business development and felt threatened. No explanation was given as to why these large companies were receiving huge sums of monies or why innovators struggle to find bread and water.
- Provide guarantees for health care premiums for their employees based upon the valuation of all intellectual property (IP) owned. Essentially if your company owns patents, trademarks or copyrights you are expected to pay a higher percentage of the health insurance premium for your employees. The guaranteed amounts are based upon a sliding scale and assumes the more IP you own the higher the percentage you should be paying. Failure to pay the appropriate amounts may forfeiture of all IP claims.
Other Entrepreneur Related News
Google, Bing and Yahoo made a joint announcement at a Moscow conference on March 25, 2010 that the factors used to determine search engine results has changed. Effective immediately, greater weight will be given to websites that contain the most Russian adult website back-links followed closely by websites that twitter incessantly and post to Facebook. Quality content will no longer be rewarded.
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