I hope you all are enjoying the Holiday Season.
We are right at the fiscal cliff. As you know Washington is looking at ways to reduce debt . Almost everyone agrees it will be a combination of cuts and additional revenues. One of the most intriguing ideas being floated is eliminating the deduction for health insurance. I think this would raise more revenue than any other change in the tax laws. About half of the people in the country receive this tax break.
It is estimated that it would raise $150 billion a year or $1.5 trillion over 10 years. The mortgage deduction if eliminated would raise $90 billion over one year or $900 billion over 10 years. What do you think of this? If you are providing health insurance would this have any bearing on your keeping your insurance in place as you would have an added burden of paying the payroll tax.
On Friday my niece and I will be travelling to Charleston for the annual Renaissance weekend. This is an amazing event that brings together about 1400 people from all walks of life. Included will be business people, labor, politicians ,scientist, people in the media, astronauts, writers , military people, health professionals and others from all walks of life.
In past events the President of the US has been in attendance and Bill and Hillary Clinton have been there many times. It is hosted by Phil Lader who is a close friend of the Clintons. I met him when he headed up the SBA and when he was Ambassador to the Court of St James he invited me to attend a transatlantic conference in London.
This is such a thrill for a small business owner like myself and my niece who recently started teaching at Mc George law school in Sacramento.
Have a great and healthy New Year.
Small Business California
2311 Taraval Street
San Francisco, CA 94116