From David Hogberg:
Despite official estimates predicting millions of firms would claim ObamaCare’s small business tax credit for health insurance, actual usage has been a trickle, a new Government Accountability Report shows, because the credit was too complicated and too small.
Just 170,300 small businesses claimed it in 2010, Internal Revenue Service records show. The Obama Administration’s Council of Economic Advisers predicted 4 million businesses would claim it, while the Small Business Administration estimated 2.6 million.
The credit was too small to create an incentive for small businesses that didn’t previously provide employee insurance to begin offering it, the GAO report said. And the credit was too complicated for business owners to comply with.
Wait here while I go find my shocked face, that the Administration failed to understand how small business works.
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