Chart usGOLD   Chart usSILVER  
 
Food for thought
To know how to wait. It is the great secret to success
Joseph de Maistre  
Search for :
LATEST NEWS  :
MINING STOCKS  :
Subscribe
Write Us
Add to Google
Search on Ebay :
PRECIOUS METALS (US $)
Gold 1213.805.82
Silver 17.190.24
Platinum 1283.70-10.10
Palladium 776.256.00
WORLD MARKETS
DOWJONES 16808-233
NASDAQ 4420-73
NIKKEI 16082-91
ASX 533538
CAC 40 4365-51
DAX 9382-92
HUI 1982
XAU 821
CURRENCIES (€)
AUS $ 1.4449
CAN $ 1.4097
US $ 1.2609
GBP (£) 0.7791
Sw Fr 1.2070
YEN 137.8090
CURRENCIES ($)
AUS $ 1.1461
CAN $ 1.1180
Euro 0.7931
GBP (£) 0.6181
Sw Fr 0.9573
YEN 109.2960
RATIOS & INDEXES
Gold / Silver70.61
Gold / Oil13.46
Dowjones / Gold13.85
COMMODITIES
Copper 3.04-0.02
WTI Oil 90.200.44
Nat. Gas 4.09-0.03
Market Indices
Metal Prices
RSS
Precious Metals
Graph Generator
Statistics by Country
Statistics by Metals
Advertise on 24hGold
Projects on Google Earth
In the same category
Obamacare Affects Part-Time Employment Yet Again; Nullification Bill Passes South Carolina House; An
Published : May 03rd, 2013
682 words - Reading time : 1 - 2 minutes
( 1 vote, 5/5 ) Print article
 
    Comments    
Tweet
Keywords :   Government | Unemployment |

Obamacare and Part-Time Jobs Yet Again

At a business level, the penalty for not offering a qualified healthcare plan is $2,000 per person, for companies that have more than 30 full-time employees. 

As I have discussed before, Obamacare is behind the surge in part-time employment as corporations have been cutting hours worked and hiring more part-time workers to make up the difference.

Part-time employment rose this month by a whopping 441,000 as private average weekly hours fell 0.2 to 34.4 hours and average weekly earnings fell from $824.52 to $821.13 due to fewer hours worked.

For details see Jobs +165,000, Part-Time Employment +441,000; Unemployment Rate 7.5%; Dow Tops 15,000

Nullification Bill Passes South Carolina House

A constitutional showdown may be coming up as South Carolina House passes bill making ‘Obamacare’ implementation a crime.

The South Carolina state House passed a bill Wednesday that declares President Obama’s Patient Protection and Affordable Care Act to be “null and void,” and criminalizes its implementation.

The state’s Freedom of Health Care Protection Act intends to “prohibit certain individuals from enforcing or attempting to enforce such unconstitutional laws; and to establish criminal penalties and civil liability for violating this article.”

The measure permits the state Attorney General, with reasonable cause, “to restrain by temporary restraining order, temporary injunction, or permanent injunction” any person who is believed to be causing harm to any person or business with the implementation of Obamacare.

Earlier this year in her state of the state address, Gov. Nikki Haley said that South Carolina does not want and cannot afford the president’s plan, “not now, not ever.”

“To that end, we will not pursue the type of government-run health exchanges being forced on us by Washington,” she said. “Despite the rose-colored rhetoric coming out of D.C., these exchanges are nothing more than a way to make the state do the federal government’s bidding in spending massive amounts of taxpayer dollars on insurance subsidies that we can’t afford.”
IRS the Enforcer

The court ruled Obamacare a tax because the IRS collects the penalty if people opt out of the system. The penalty will come on Federal income tax returns. Still, it will be curious to see precisely how this would be handled.

Analysis of Penalty Rates

Aside from South Carolina, who will opt out of the system, and what happens then? The answer involves a comparison of various penalty rates.

At an individual level, Fact Check notes the minimum penalty for not having insurance in 2014 is a mere $95. Government will probably waste far more than that attempting to figure out who has insurance and who doesn't.

For 2014 anyway, regardless of what South Carolina does or does not do, low income people will likely opt out across the board if their employer does not provide insurance.

The minimum penalty for 2015 will be $325 and for 2016 and beyond, $695 indexed per inflation.

Fact Check notes the tax is higher for higher incomes "But the penalty can never exceed the cost of the national average premiums for the lowest-cost bronze plans being offered through the new insurance exchanges called for under the law."

For a couple making $100,000, income thresholds might mean a combined penalty of about $2,000 compared to insurance costs of roughly $10,000 for family coverage based on models for state exchanges.

At upper income levels, healthy people may compare the cost of insurance with higher penalties and make the decision to opt out.

Here is an interesting point: "The law prohibits the IRS from seeking to put anybody in jail or seizing their property for simple refusal to pay the tax. The law says specifically that taxpayers “shall not be subject to any criminal prosecution or penalty” for failure to pay, and also that the IRS cannot file a tax lien (a legal claim against such things as homes, cars, wages and bank accounts) or a “levy” (seizure of property or bank accounts)."

In addition to encouraging more part-time work, the law as written is begging for noncompliance regardless of what states like South Carolina do.

Mike "Mish" Shedlock
http://globaleconomicanalysis.blogspot.com
Tweet
Rate :Average note :5 (1 vote)View Top rated
Previous article by
Mish
All articles by
Mish
Next article by
Mish
Receive by mail the latest articles by this author  
Latest comment posted for this article
Be the first to comment
Add your comment
TOP ARTICLES
MOST READ
TOP RATED
MOST COMMENTED
Editor's picks
RSS feed24hGold Mobile
Gold Data CenterGold & Silver Converter
Gold coins on eBaySilver coins on eBay
Technical AnalysisFundamental Analysis

Mish

Mike Shedlock / Mish is a registered investment advisor representative for SitkaPacific Capital Management. He writes a global economics blog which has commentary 5-7 times a week. He also writes for the Daily Reckoning, Whiskey & Gunpowder, and has over 80 magazine and book cover credits. Visit http://www.sitkapacific.com
Mish ArchiveWebsiteSubscribe to his services
Most recent articles by Mish
10/1/2014
10/1/2014
10/1/2014
9/30/2014
9/29/2014
All Articles
Comment this article
You must be logged in to comment an article8000 characters max.
 
Sign in
User : Password : Login
Sign In Forgot password?
 
Receive 24hGold's Daily Market Briefing in your inbox. Go here to subscribe or unsubscribe.
Disclaimer