Welcome to FinHeaven Fans Forums! We're glad to have you here. Please feel free to browse the forum. We'd like to invite you to join our community; doing so will enable you to view additional forums and post with our other members.



VIP Members don't see these ads. Join VIP Now
Page 1 of 5 12345 LastLast
Results 1 to 10 of 44

Thread: Here's How Much The Obamacare Penalty Tax Will Cost You...

  1. -1
    Dolphins9954's Avatar
    Pro Bowler

    Status:
    Offline
    WPA:
    Join date:
    Apr 2005
    Posts:
    10,060
    vCash:
    6538
    Thanks / No Thanks

    Here's How Much The Obamacare Penalty Tax Will Cost You...

    Many Americans are furious that Obamacare will require them to buy health insurance.Most of these folks seem to hate the idea that Obama is forcing them to do something more than they hate the idea of shelling out money.
    But for those who also care about the money, here are the details.

    The good news is that, for most people, the "penalty tax" for those who choose not to buy health insurance will cost a lot less than health insurance.
    As with everything tax-related, there's no simple answer to "How much is the Obamacare penalty tax?" But here are some key points, from FactCheck.org:


    • The penalty/tax will be phased in from 2014 to 2016.
    • The minimum penalty/tax in 2016 will be $695 per person and up to 3-times that per family. After 2016, these amounts will increase at the rate of inflation.
    • The minimum penalty/tax per person will start at $95 in 2014 (and then increase through 2016)
    • No family will ever pay more than 3X the per-person penalty, regardless of how many people are in the family.
    • The $695 per-person penalty is only for those who make between $9,500 and ~$37,000 per year. If you make less than ~$9.500, you're exempt. If you make more than ~$37,000, your penalty is calculated by the following formula...
    • The penalty is 2.5% of any household income above the level at which you are required to file a tax return. That level is currently $9,500 per person and $19,000 per couple. The penalty on any income above that is 2.5%. So the penalty can get expensive quickly if you make a lot of money.
    • However, the penalty can never be more than the cost of a "Bronze" heath insurance plan purchased through one of the state "exchanges" that will be created as part of Obamacare. The CBO estimates that these policies will cost $4,500-$5,000 per person and $12,000-$12,500 per family in 2016, with the costs rising thereafter.


    So, basically, you're looking at penalties of approximately the following at the following income levels:

    • Less than $9,500 income = $0
    • $9,500 - $37,000 income = $695
    • $50,000 income = $1,000
    • $75,000 income = $1,600
    • $100,000 income = $2,250
    • $125,000 income = $2,900
    • $150,000 income = $3,500
    • $175,000 income = $4,100
    • $200,000 income = $4,700
    • Over $200,000 = The cost of a "bronze" health-insurance plan

    The IRS will collect the penalty-tax, a fact that will no doubt further enrage those who hate Obamacare.
    But here's some more good news for those folks:

    The IRS will not have the power to charge you criminally or seize your assets if you refuse to pay. The IRS will only have the ability to sue you. And the most the IRS can collect from you if it wins the suit is 2X the amount you owe. So if you want to thumb your nose at the penalty-tax, the IRS won't be able to do as much to you as they could if you refused to pay, say, income tax.
    By the way, the following folks will be exempt from the penalty-tax:


    • Those who make less than $9,500
    • Employees whose employers only offer plans that cost more than 8% of the employee's income
    • Those with "hardships"
    • Members of Indian tribes
    • Members of certain religions that don't pay Social Security tax, such as Amish, Hutterites, or Mennonites


    And, of course, Obamacare isn't free. So, whether you pay the penalty or not, you're going to have to pay a lot of other taxes to pay for it. Here they are >
    Read more: http://www.businessinsider.com/how-m...#ixzz1zZBb53Y8



    It's a lot cheaper to just pay the fine. I don't see how this helps the uninsured problem. Looks like a clever way to steal people's tax refunds.





    "Politics is the Art of Looking for Trouble, Finding it Everywhere, Diagnosing it Incorrectly, and Applying the Wrong Remedies"
    Quote Quote  

  2. -2
    DisturbedShifty's Avatar
    Wort-wort-wort!!!

    Status:
    Online
    WPA:
    Join date:
    Apr 2006
    Posts:
    5,588
    vCash:
    809
    Loc:
    Pueblo, Colorado
    Thanks / No Thanks
    Halo LegendaryGalactic Empire medalXbox LogoPlaystation LogoNintendo Logo
    If we would have just installed a universal health care and after World War II like the rest of the world we wouldn't be in this situation.

    Forgive my spelling. This was sent from my phone.
    Quote Quote  

  3. -3
    Gonzo's Avatar
    Administrator

    Status:
    Online
    WPA:
    Join date:
    Mar 2004
    Posts:
    20,338
    vCash:
    16775
    Loc:
    Brooklyn
    Thanks / No Thanks
    Hydra logo
Gift received at 05-21-2014, 12:20 PM from DisturbedShifty1972 Dolphins Logo
    Quote Originally Posted by DisturbedShifty View Post
    If we would have just installed a universal health care and after World War II like the rest of the world we wouldn't be in this situation.

    Forgive my spelling. This was sent from my phone.
    But how would we pay to be the oil industry's security force and oil field obtainers?





    Quote Quote  

  4. -4
    phins_4_ever's Avatar
    FinHeaven VIP

    Status:
    Offline
    WPA:
    Join date:
    Oct 2008
    Posts:
    3,655
    vCash:
    236
    Thanks / No Thanks
    Quote Originally Posted by Dolphins9954 View Post
    Read more: http://www.businessinsider.com/how-m...#ixzz1zZBb53Y8



    It's a lot cheaper to just pay the fine. I don't see how this helps the uninsured problem. Looks like a clever way to steal people's tax refunds.
    hahahaha. Grover Norquist at its best.

    Now you can start listing all the tax credits for small business, individuals and families. Or did you not find them?
    Quote Quote  

  5. -5
    Dolphins9954's Avatar
    Pro Bowler

    Status:
    Offline
    WPA:
    Join date:
    Apr 2005
    Posts:
    10,060
    vCash:
    6538
    Thanks / No Thanks
    Quote Originally Posted by phins_4_ever View Post
    hahahaha. Grover Norquist at its best.

    Now you can start listing all the tax credits for small business, individuals and families. Or did you not find them?

    Last time I checked it's the IRS that will enforce the tax. So it's simple to figure out how they plan on collecting it. Since most people who can't afford health insurance will probably get tax refunds.
    Quote Quote  

  6. -6
    LANGER72's Avatar
    Hall Of Famer

    Status:
    Offline
    WPA:
    Join date:
    Nov 2006
    Posts:
    8,106
    vCash:
    22147
    Loc:
    Munchkin Land / Emerald C
    Thanks / No Thanks
    I heard the illegal residents do not have to pay...
    Quote Quote  

  7. -7
    phins_4_ever's Avatar
    FinHeaven VIP

    Status:
    Offline
    WPA:
    Join date:
    Oct 2008
    Posts:
    3,655
    vCash:
    236
    Thanks / No Thanks
    Quote Originally Posted by Dolphins9954 View Post
    Last time I checked it's the IRS that will enforce the tax. So it's simple to figure out how they plan on collecting it. Since most people who can't afford health insurance will probably get tax refunds.


    My question was: why aren't you listing all the tax deductions and credits related to the ACA?
    Fascinating is also that you are using an 'online magazine' which relies heavy on information from 'Americans for Tax Reform' (good ol' Grover) and whose CEO is convicted of security fraud.
    My point is: if you are using 'taxes' as an ACA killer you should also list all tax advantages. That way a reader can form an educated opinion.

    I don't even think you really know what the ACA is all about.
    Quote Quote  

  8. -8
    phins_4_ever's Avatar
    FinHeaven VIP

    Status:
    Offline
    WPA:
    Join date:
    Oct 2008
    Posts:
    3,655
    vCash:
    236
    Thanks / No Thanks
    Quote Originally Posted by LANGER72 View Post
    I heard the illegal residents do not have to pay...
    Shouldn't listen to Rush and co...

    Here is some reading material

    Patient Protection and Affordable Care Act
    Subtitle D—Available Coverage Choices for All Americans
    PART II--Consumer Choices and Insurance Competition Through Health Benefit Exchanges
    • Section 1312 (f)(3) makes clear that undocumented immigrants are ineligible to participate in the health insurance exchanges: “ACCESS LIMITED TO LAWFUL RESIDENTS- If an individual is not, or is not reasonably expected to be for the entire period for which enrollment is sought, a citizen or national of the United States or an alien lawfully present in the United States, the individual shall not be treated as a qualified individual and may not be covered under a qualified health plan in the individual market that is offered through an Exchange.”

    Subtitle E—Affordable Coverage Choices for All Americans
    PART I—PREMIUM TAX CREDITS AND COST SHARING REDUCTIONS
    Subpart B—Eligibility Determinations
    • Section 1412(d) unambiguously states “NO FEDERAL PAYMENTS FOR INDIVIDUALS NOT LAWFULLY PRESENT.—Nothing in this subtitle or the amendments made by this subtitle allows Federal payments, credits, or cost-sharing reductions for individuals who are not lawfully present in the United States.”


    Patient Protection and Affordable Care Act
    Subtitle E—Affordable Coverage Choices for All Americans
    PART I—PREMIUM TAX CREDITS AND COST SHARING REDUCTIONS
    Subpart B—Eligibility Determinations
    • Section 1411(a) required that the Secretary of Health and Human Services “shall establish a program . . . for determining . . . whether an individual who is to be covered in the individual market by a qualified health plan offered through an Exchange, or who is claiming a premium tax credit or reduced cost-sharing [is] a citizen or national of the United States or an alien lawfully present in the United States.”
    • Section 1411(b) requires applicants for enrollment in a qualified health plan offered through an Exchange in the individual market to provide “name, address, and date of birth.” For those individuals claiming eligibility based on an attestation of citizenship, they must provide their social security number. For those individuals whose eligibility is based on an attestation of their immigration status, they must provide “the enrollee's social security number (if applicable) and such identifying information with respect to the enrollee's immigration status as the Secretary, after consultation with the Secretary of Homeland Security, determines appropriate.”
    Quote Quote  

  9. -9
    Dolphins9954's Avatar
    Pro Bowler

    Status:
    Offline
    WPA:
    Join date:
    Apr 2005
    Posts:
    10,060
    vCash:
    6538
    Thanks / No Thanks
    Quote Originally Posted by phins_4_ever View Post


    My question was: why aren't you listing all the tax deductions and credits related to the ACA?
    Fascinating is also that you are using an 'online magazine' which relies heavy on information from 'Americans for Tax Reform' (good ol' Grover) and whose CEO is convicted of security fraud.
    My point is: if you are using 'taxes' as an ACA killer you should also list all tax advantages. That way a reader can form an educated opinion.

    I don't even think you really know what the ACA is all about.
    So the tax "advantages" wipe out the fines???
    Quote Quote  

  10. -10
    JTC111's Avatar
    Lookin' for Lee Ho Fooks

    Status:
    Offline
    WPA:
    Join date:
    Jul 2012
    Posts:
    2,417
    vCash:
    18190
    Loc:
    Kings Park, NY
    Thanks / No Thanks
    Quote Originally Posted by Dolphins9954 View Post
    So the tax "advantages" wipe out the fines???
    The CBO estimates that only 1.2% of people will have to pay the fine. Judging from what happened in Mass., that number sounds about right.
    Quote Quote  

Similar Threads

  1. Obamacare Cheerleader AARP Receives Obamacare Waiver
    By Dolphins9954 in forum Political | War Forum
    Replies: 18
    Last Post: 05-31-2011, 09:36 PM
  2. The Obamacare Writedowns
    By SnakeoilSeller in forum Political | War Forum
    Replies: 31
    Last Post: 07-30-2010, 09:30 AM
  3. CMS Actuary Finds ObamaCare Bends Cost Curve Up
    By shula_guy in forum Political | War Forum
    Replies: 14
    Last Post: 04-30-2010, 09:37 PM
  4. Obamacare: The Cost Control Illusion
    By SnakeoilSeller in forum Political | War Forum
    Replies: 5
    Last Post: 03-14-2010, 08:04 PM
  5. MERGED: Cost of War/The Real Cost of War
    By Ferretsquig in forum Political | War Forum
    Replies: 74
    Last Post: 10-11-2006, 11:55 AM

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •