Small Business Chamber Newsletter

Small Business Chamber Newsletter

ONLY 8 DAYS REMAINING FOR EMPLOYEES TO SIGN UP FOR HEALTH INSURANCE

In only 8 days your opportunity to have healthier employees goes away, unless you want to offer group health insurance.

December 15th is the last day for your employees who do not have health insurance to find out how affordable premiums are thanks to federal subsidies.

There is even a $0 premium policy with low co-pays for workers under 300% of the federal poverty level.  See if your employees meet these criteria:

Family size   300% of federal poverty level
          1                        $36,180
2                        $48,720
3                        $61,260
4                        $73,800
5                        $86,340
6                        $98,880
7                        $111,420
8                        $123,960

If you have employees that are eligible or who you think might be eligible for a good health insurance plan with no monthly premiums, please encourage them to learn more.

Have them talk to your insurance agent.  There is no cost to you or the employee to use an insurance agent.

Or have them call Palmetto Project at 888-998-4646 for assistance.

There are also very affordable premiums for employees making up to 400% of the poverty level.  So, give them encouragement and assistance also.

 

HELP WITH OFFERING A RETIREMENT PLAN TO EMPLOYEES COMING YOUR WAY, HOPEFULLY

Many people think that the reason more South Carolinian’s aren’t saving for retirement is that they would do so if wages were higher.

But the reality is that workers in every state regardless of average wages are not saving.  What is missing is a convenient way for employees to save through payroll deduction.

About 66% of South Carolina small business owners, according to an AARP survey, would like to offer their employees a privately managed, ready-to-go retirement savings plan.  They want to help if it can be made simple with no administrative fee.

AARP South Carolina, the South Carolina Small Business Chamber of Commerce, investment advisers and other non-profits are developing a plan to help small businesses help their employees save for retirement in a voluntary program called “Work and Save”.

Watch for more information in 2018.

 

CONGRESS IS ON THE VERGE OF PASSING TAX REFROM THAT FAVORS MULTI-NATINAL CORPORATIONS OVER SMALL BUSINESSES

Possibly as early as tomorrow or Friday, the U.S. House and Senate will agree on a tax reform bill that will slash Big Business’s federal tax rate by 43% and raise the national debt by $1–$1.5 trillion over the next decade.  Multi-millionaires and billionaires will also get very big tax cuts.

Who will pay for the U.S. to borrow the money to give these tax cuts?  Small business owners (LLCs, S-Corps, sole proprietors) and everybody else.

Yes, pass-through small businesses get some crumbs but those will be eaten with tax consultant fees needed to decipher the new, complicated tax code for small business income.  It is anything but simple.

Call Senators Tim Scott and Lindsey Graham and tell them that the Tax Reform plans are not a good deal for small businesses.  They should start over.

Senator Tim Scott – (202) 224-6121
Senator Lindsey Graham – (202) 224-5972

Join Businesses for Responsible Tax Reform and thousands of other small businesses across the nation in opposing this tax reform.  There is no fee for membership.  Click here.