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B2G

(9,766 posts)

9. It is 2.5% of your income or the flat rate of $695

Reply to liberal N proud (Original post)

Fri Jun 29, 2012, 01:02 PM

Jun 2012

Whichever is more.

The penalty for people who forego insurance is the greatest of two amounts: a specified percentage of income or a specified dollar amount. The percentages of income are phased in over time at 1% in 2014, 2% in 2015, and 2.5% starting in 2016. The dollar amounts are also phased in at $95 in 2014, $325 in 2015, and $695 beginning in 2016 (with annual increases after that). The Congressional Budget Office projects that 3.9 million people will pay the penalty in 2016. The total penalty for the taxable year will not exceed the national average of the annual premiums of a bronze level health insurance plan offered through the health insurance Exchanges.

http://healthreform.kff.org/faq/will-everyone-have-to-buy-health-insurance.aspx

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23 replies

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How Much Is the ACA ‘Tax’? [View all] liberal N proud Jun 2012 OP

So if you're making $28,000 a year you now lose an extra $695 a year on this in 2016. Minimum loss. Zalatix Jun 2012 #1

Fifty bucks a month for the year from 28,000 salary??? cliffordu Jun 2012 #4

An EXTRA fifty bucks a month. And at $28,000 a year you likely cannot afford that extra expense. Zalatix Jun 2012 #10

Ah... cliffordu Jun 2012 #13

If you make $28,000/yr for a family of 4 you are eligible for Medicaid FarLeftFist Jun 2012 #17

My understanding is there is a subsidie per income...the Obama admin is STILL doing a horrible job uponit7771 Jun 2012 #5

No... then you would be give subsidies to purchase insurance Fawke Em Jun 2012 #6

$28,000 a year is too high for that. You MIGHT get a subsidy. Zalatix Jun 2012 #7

No, 28000/yr is not too high for medicaid, depending on how many family members FarLeftFist Jun 2012 #18

Depends on the cut off for EC Jun 2012 #15

People who are of low income nadinbrzezinski Jun 2012 #21

Why the quotation marks? derby378 Jun 2012 #2

Bcause that wasn't the intent, there's no IRS enforcement of the "tax" so it's still uponit7771 Jun 2012 #8

There WILL be IRS enforcement B2G Jun 2012 #11

No there is no enforcement remedies. EC Jun 2012 #16

Then it's a toothless tax B2G Jun 2012 #19

K, this is the thing...2100 for my family of five is better than what I'm getting now uponit7771 Jun 2012 #3

It is 2.5% of your income or the flat rate of $695 B2G Jun 2012 #9

And the definition of the word 'family' is? Biblical? Bluenorthwest Jun 2012 #12

Just some general thought here: Ship of Fools Jun 2012 #14

And it's only going to apply to a small fraction of the population. backscatter712 Jun 2012 #20

The generosity of Roselma Jun 2012 #22

Thanks for posting that liberal N proud Jun 2012 #23