I posted this on another story but believe it bears repeating. Last week in the Atlanta airport I heard two men (strangers) discussing the election. One was saying that he owned a business and employed 18 people and has already told them that as of March they would all be fired and become “1099s”. He said his business just didn’t have any margin for higher expenses (I assumed he was talking about healthcare). The other man said “this is the most important election in at least 50 years”. I imagine there will be many, many similar situations.
1099. Exactly. Many, many companies are looking at the 1099 option to keep from having to pay ObamaCare taxes. I know a number of CPAs and every last one of them has said so far that seems to be the only option outside of just closing down.