Report Shows Not Expanding Medicaid Could Cost Missouri Employers
PARSIPPANY, N.J. - A national tax preparation firm released a report Wednesday morning on how the connection between federal tax penalties and Medicaid expansions could be costly to employers in states that do not expand Medicaid for adults.
National tax preparation firm Jackson Hewitt Tax Service said in a report released Wednesday morning that states that do not expand Medicaid for adults leave their large employers exposed to higher federal tax penalties under the Affordable Care Act.
The report states federal tax penalties to employers could total $1.03 billion to $1.55 billion each year in the 25 states that have not yet expanded Medicaid for adults.
Missouri is one of the 25 states that have not yet expanded Medicaid for adults.
The report estimates Missouri employers could be responsibile for tax penalties that could total somewhere between $30 million to $45 million.