This case involves the United States Senate and individual vendors. The U.S. Senate could not adopt a motion that would revoke a requirement adopted by the health-care overhaul legislation, “which requires firms to report annual expenses to every vendor with over US$600.
Abolishing the provision, known as “the 1099 rule,” would reduce U.S. tax revenue by more than US$19 B over the ten years” (1). Two alterations, which would have repealed the condition, were objected.
According to a preliminary study issued on Nov. 19 by the congressional Joint Committee on Taxation, the provisos would have led to $19.3 B losses in taxes collected up to 2020. For Josten Bruce, “this law could force more than 40 million entities, including governments, nonprofits, and both small and large businesses, to comply with onerous data collection and IRS information filing burdens.”
Jordon, S. (2010). Most small businesses eligible for tax credit under health care law. Live Well – BCBS.
This involves businesses with fewer than 25 members of staff. This could see firms with less than 25 workers that pay wages averaging less than US$50,000 per person to qualify for tax credits “on their 2010 federal income taxes under the new federal health care law.”
The “Small Business Health Care Tax Credit” is a means of the law to establish and sustain employer-oriented health cover by cutting down costs so small firms could offer health insurance for employers.
“The tax credit can be up to 35% of health care costs for business employers and 25% for not-for-profit employers.” This is an incentive for small businesses to offer insurance services to their employees with an aim of benefit from the low insurance coverage costs.
However, for those who do not provide insurance they would be faced with hefty penalties. However, if firms do not claim the credit on their current year incomes, they can claim it on their subsequent year’s incomes.
Bravin, J. (2010). Supreme Court Weighs Arizona’s 2007 Immigration Law. The Wall Street Journal.
This case involves businesses that hire aliens and the Arizona law courts. The United States Chambers of Commerce, organized an alliance of businesses and civil-right movements supported by the Obama administration, argue that the Arizona action infringes the ‘1986 federal Immigration Reform and Control Act,” whereby federal laws exceed all “state or local laws creating civil or criminal measures.
Those against the legislation argue that Arizona is masquerading civil sanctions as a licensing legislation. “You read the definition of ‘license’ in the Administrative Procedure Act and this is awfully close,” said Justice Stephen Breyer.
According to Breyer, the 1986 legislation would stabilize competing goals, that is, halting the hiring of illegitimate aliens while preventing bigotry based on national grounds. In addition, if this came into enforcement, it would substantially differentiate federal and state laws.
Kenworthy, M. D. (2010). Health Care Lawsuits on a Collision Course to Supreme Court. Fox News.
This case involves the Obama administration and the Supreme Court. The Obama national health care legislation has come to a cliff as two federal court cases taxing the constitutionality of the legislation are racing to end of this month. “The state of Florida and more than twenty states and the National Federation of Independent Business have questioned the federal law. There are other counts against the “Patient Protection and Affordable Care Act” making their way through the court system, however for now, the outcomes of the law are on hold” (2).
If the law goes through, it is expected that all businesses with a large workforce will have to provide health insurance coverage for its employees. This is good news to the employees as they would have access to affordable insurance coverage and medical attention.
Cheney, J. (2010). New Law Offers Tax Savings to Real-estate Industry. Business West.
This case affects the real estate players and the potential investors. The Obama administration has signed into legislation the “Small Business Jobs Act of 2010”. The bill is made up of two major “provisions for the real-estate industry: enhanced Section 17 depreciation and the return of ‘bonus’ depreciation.” Both provisos are efforts to offer incentives to small-business owners, though owners of several big firms will benefit also.
This is expected to have an impact on land laws. If there are new land developments or qualified property buys more than US$2 M, non-deductable income can be off-set by taking the bonus 50 percent depreciation. Firms can also choose to disallow real assets from qualified Section 179 property if the regular US$2 M limit is close to been met.
Rasmussen report. (2010). Healthcare law. Rasmussen reports.
This concerns the American citizens and the legislators. Over the last decade, the American citizens have been trying to have a health care policy that would ensure that all Americans are fully covered by an overall health insurance policy.
This came as a result of insurance agencies opting to cover a specific issue in health while leaving out some issue. Hence, people who had a prior health condition were often left out of the insurance policy. In addition, should one develop an illness post the insurance contract could find themselves with no insurance claim if the illness was terminal for instance, cancer.
Therefore, the government under the leadership of Obama, begun an aggressive plan that would ensure that majority of the Americans had access to a comprehensive insurance policy. This was achieved by the congress adopting the legislative into law.
This law has impacted the business community and the general public in different ways. The insurance industry will have to change their insurance policy in order to cope with recent changes and demands from various stakeholders while the community will undergo a positive change since they are now covered comprehensively by the new law.
Daly, M. (2010). Obama to sign law for Indian tribes black farmers. Bloomberg BusinessWeek. 2.
This article focuses on the American natives, the Indian tribes, and the US government. The article highlights the desire by the government to compensate the Indian tribes for the loss they suffered during capitalism whereby, they lost their land to corporates and other individuals as capitalism was sweeping through America.
The president, Obama is in the course of signing into law a new legislation that will pay the American red Indians and black farmers over $ 5 billion. In November 2010, the congress passed a policy that would seek to settle suits that were filed more long time ago.
This comes as a result of the president seeking to settle past injustices on minorities and ensure a healthy business environment between different races. In addition the compensation will enable the people regain their lost livelihoods and improve the American economy while elevating poverty and creating new sources of livelihoods.
My franchises law. (2010). Franchises and the law. The wall street journal. 4.
This article focuses on franchises law. It was targeting entrepreneurs who were interested in franchising existing markets and the owners/custodians of the franchise. The franchise law analyzed the factors that both sides should take into consideration before finally getting into a contract.
These factors involve the legal aspects, for instance what the franchise contract covers and the various issues of litigation between the franchiser and the franchisee and how to avoid pit falls during the whole process. It also provides a number of sources that one can consult during the whole process and the attorneys to consult who have specialized in business law.
The purpose of franchising law is to protect upcoming entrepreneurs from exploitation by the franchisers and follow a stipulated legal process that will ensure a fair play. This franchise law will assist the business community especially those involved in franchising as there are stipulated framework on whole the whole process should be undertaken thus, avoiding legal litigations that might crop up later.
O’ Connor, P., et al. (2010). Tax plans spurs deal making. The wall street journal, 8.
The article focuses on the government’s proposal under President Obama to cut down taxes on small businesses across the United States.
The governments hopes to increase the rate of consumer spending as by introducing tax cuts, the cost of doing business will be less which will have a ripple effect to the customers as the cost of products will be much less than before. In addition, the law will spur up spending by employees of the small business as they will now have more disposable income with them. This deal is to enable small businesses disbursement of more than 90 % of their investments in 2011.
By doing so, small business owners would be in a position to purchase new equipment and hire new workers thus boosting the American economy. This law is expected to come in place late December and carry on into 2011. This proposal when passed would spur up the economy by allowing more growth of small business which in turn will result to hire rates of employment, more efficient production and a hire spending by the consumers.
Freilich, A. (2010). Reforms to Australian Consumer and credit Law. American Bar association, 15.
This article focuses on the Australian consumers and the business fraternity. The law most importantly covers consumer law among others. The law has covered two vital areas of the consumer law that include the introduction of the Australian Consumer Law and the National Consumer Credit protection package.
Apart from protecting the consumers, the law also seeks to introduce a uniform law in the whole State in order to avoid contradicting laws from one state to another. Therefore the new law sought to change the existing laws that had made a provision for different consumer protection laws under three forms of government in Australia in 2009.
Therefore the responsibility for the upholding of the consumer laws fell on all three forms of government as they were all shared equally unlike the previous period. By so doing, the consumers will be easily protected by the laws in place especially now that there will be a framework in existence that will offer a uniform protection across the common wealth.
References
Bravin, J. (2010). Supreme Court Weighs Arizona’s 2007 Immigration Law. The Wall Street Journal. Web.
Cheney, J. (2010). New Law Offers Tax Savings to Real-estate Industry. Business West.
Daly, M. (2010). Obama to sign law for Indian tribes black farmers. Bloomberg BusinessWeek, 10.
Freilich, A. (2010). Reforms to Australian Consumer and credit Law. American Bar association, 7.
Jordon, S. (2010). Most small businesses eligible for tax credit under health care law. Live Well – BCBS. Web.
Kenworthy, M. D. (2010). Health Care Lawsuits on a Collision Course to Supreme Court. Fox News. Web.
My franchises law.(2010) Franchises and the law. The wall street journal.
O’ Connor, P., et al. (2010). Tax plans spurs deal making. The wall street journal, 8.
Rasmussen report. (2010). Healthcare law. Rasmussen reports, 15.
Young, J. (2010). Repeal of Health Law’s ‘Onerous’ Business-Expenses Rule Fails. Bloomberg. Web.