After a serious setback in March, the GOP finally passed a bill to repeal and replace the Affordable Care Act (often dubbed Obamacare). The bill passed after last minute changes were made to convince ultra conservatives to support the proposed legislation. The new bill now faces significant scrutiny from the Senate. What does this all mean to a small business owner? The effects of such major budget cuts will vary from state to state. Much will depend on where you live and work, and on the age/experience of your workers. The reform bill is complex and its passage is far from assured, but here are some key elements that affect small businesses.
The Congressional Budget Office has indicated that the GOP reform plan aims to reduce the Federal deficit by $119 billion while shifting some of the financial burden to the states. Estimates suggest that in doing so, the American Health Care Act could increase the number of uninsured people by 23 million by 2026. It has attracted concern and criticism from legislators and the debate is far from over.
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