RIDGEFIELD, Conn., Aug. 25, 2015 /PRNewswire/ -- Stephen Hicks, Founder and CEO of Southridge Capital, a diversified financial holding company specializing in direct investment and advisory services to small and middle market companies, has released a statement weighing in on the political efforts to repeal the Affordable Care Act.
Hicks says, "Since its enactment, much has been made of the Affordable Care Act, better known as Obamacare, on both sides of the political aisle. On the GOP side, its repeal has been called for, but in most cases specific policy initiatives have not been forthcoming." Hicks is referring to Wisconsin Governor Scott Walker, a leading presidential candidate, who announced his plan to repeal the individual mandate and replace it with a tax credit ranging from $900 to $3,000 depending upon age for those without health insurance provided through their employer.
"While simple, Governor Walker's proposal seems to badly disadvantage middle class families. For example, a 40 year old with a wife and two children might receive a credit of $1,500. For four people, even assuming non-existing conditions, a basic insurance plan might cost $15,000 per year, including a substantial deductible. If he made $40,000 per year, he simply would not be able to afford it," says Hicks.
An individual like this would surely not have insurance and people would be in the same place where they were before the Affordable Care Act was passed. The number of people being insured would drop precipitously under Governor Walker's proposal.
"We need our leaders to put forth policy initiatives with greater specifics and success or we will not get results we need," concludes Hicks.
About Southridge Capital: Southridge Capital is a diversified financial holding company specializing in direct investment and advisory services to small and middle market companies. Since 1996 the structured finance team has made direct investment of over $1.8 billion into growth companies globally. Our expertise lies in our ability to customize a financing plan for the prospective client and then execute on that plan without fail. For more information, visit: www.southridge.com
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Contact: Anu Kher 212-843-9240
SOURCE Southridge Capital