Yes, what's happening is the employers, now that they are getting the language of the bill--remember that Speaker Pelosi said if we want to find out what's in it, we have got to pass it first, okay? Well, now it's passed. So, now, business owners are putting the pencil to it. Here is what they are finding. This is a gentleman who said, you know, I have got 24 employees. So I should be under the threshold, and I should actually get some subsidies and tax credits. But what he found out was that the way it's calculated, he would have to draw down his 24 employees to 10, and he would have to cut wages down to $25,000 a year, fine print. The gentleman's name is Zach Hoffman. He is going to have to go from 24 employees making an ample of $35,000 a year down to 10 years making $25,000, $35,000 versus $25,000 a year in order to make that happen. But that's not all. Remember, what I am telling you is not me telling you this. I am just passing on the bad news. Don't shoot the messenger here, okay. What I am telling you is what people are finding out. The President's chief actuary, this is from, this is in the President's administration, soon after the bill was passed, said, You know what, we made a miscalculation on this. That's from CMS, that this is going to cost $311 billion more than what was anticipated and that it will consume 21 percent of gross domestic product instead of the 16 percent that we predicted. This was within days of it passing.
Editor's note · Context
The speaker discusses the impact of a recently passed bill on small business employment and costs.
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