I’m getting some worried e-mails from Hill staffers who think Senate Democrats might rubberstamp a policy House Republicans passed to undermine the Affordable Care Act. It’s the sort of policy decision that won’t get much attention but could have some very big, and very bad, effects, so let’s take a moment and go through it.
If you’ve been paying attention to the debate over the Affordable Care Act, you’ve probably heard about the 1099 provision. Essentially, small businesses manage to avoid paying taxes on a lot of small transactions. The 1099 provision would’ve forced them to report those transactions, raising about $20 billion over 10 years. But it would’ve require a lot of paperwork. So much paperwork, in fact, that Democrats agreed to repeal it.
When the Senate repealed the provision, they paid for it by canceling other spending that Congress had authorized, but that hadn’t yet been put to a particular purpose. House Republicans took a different approach. They’re trying to sharply increase the amount of subsidies that families will have to pay back if their income increases during the course of a year. The Center on Budget and Policy Priorities has a longer explanation of how this would work, but here’s the short version:
Under their proposed policy, a family with income at 225 percent of the poverty line who needed subsidies for the first half of the year but canceled them mid-year when the husband got a better job could get a bill for more than $4,500 at the end of the year.
A more worrying example goes the other way: Imagine a family where the breadwinner makes much more than 400 percent of poverty, but loses his job late in the year. He tries to apply for subsidies so the family can keep getting health insurance but is told that he shouldn’t bother — because his total income that year will still be above 400 percent of poverty, he’ll get a bill at the end of the year forcing him to pay back the money.
The Affordable Care Act, unfortunately, already includes a “payback” policy along these lines — the House Republicans are just proposing to make it much, much worse. This will do two things: make people hate the Affordable Care Act for bait-and-switching them, and keep people from entering the exchanges because they’ve heard horror stories of huge bills. It’s clear why the GOP wouldn’t mind that outcome, but there’s no reason for Democrats to accept it. The Senate should stick with the 1099 repeal that the Senate has passed.
That said, for the non-exact nature of figuring this out, if you don't want to wait for your fortune it probably comes as no surprise that technology is your best bet and is tied for the lowest average billionaire age (thanks, Facebook billionaires) with metal and mining. So if it's young money you're after, pick up a mine or two while you wait for your social network or search engine to catch on. You'll be making the other billionaires feel like slackers in no time.
That's not where the biggest money is though. Perhaps surprising to some is that fashion and retail (which includes grocery stores), is the category that accounts for the most cumulative wealth. More than investments, more than finance and more than technology. Selling actual, physical stuff to consumers is still your best bet of making money. Oh, and for those who noticed Sinaloa Cartel drug trafficking leader Joaquin Guzman Loera on the big list (he falls under "logistics")? {Forbes} Stick to the legal, actual, physical stuff like fashion or food. Not only is the life expectancy better, in the long run so are the profits. You never know though, maybe Loera's already diversified by blinging out weapons.
Now what if it's easy (relatively speaking) wealth you're after? Gaming has relatively few billionaires, and on average they're kind of old. The amount of competition is comparatively small, most will be retiring in general or retiring to that great casino in the sky, so this is a prime market to go after. How to go after it? Well, that's up to you and probably a bit of genetic fortune. If you missed out on being born into a dynasty, your next best bet is to marry into one. If that still doesn't work, there's always the do-it-yourself model. We'll give you a few pointers on that once we appear on the list rather than doing the grunt work of analyzing it. Off to the single billionaires list it is then.
How to Make the Forbes Billionaire List: Young, Big & Easy Billions by YM Ousley originally appeared on Signature9
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