Jul 5 - Here’s How Much The Obamacare Penalty Tax Will Cost You…

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 5 years ago '09        #1
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messy marv stan 4530 heat pts4530
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Jul 5 - Here’s How Much The Obamacare Penalty Tax Will Cost You…
 

 

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 How Much Is The Obamacare Penalty Tax? - Business Insider




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 a.ssets 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

107 comments for "Jul 5 - Here’s How Much The Obamacare Penalty Tax Will Cost You…"

 5 years ago '08        #2
JetsLost 18 heat pts18
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Americans want this country to be the greatest without chipping in.
 5 years ago '04        #3
ddash 1 heat pts
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^^^^^^
I agree.

Looks like I will be getting everything fixed.

That first day hospitals is gon be full a.ss fu*k lol.
 5 years ago '07        #4
CadillacVyse 943 heat pts943
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^^^ We Americans don't go to the hospital til we damn near dead. Lol we procrastinate.
 5 years ago '08        #5
JetsLost 18 heat pts18
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I have insurance through my job and I have no problem paying more taxes for this.
 07-05-2012, 06:50 PM         #6
ManWithoutFear! 
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 Dy-nasty said:
I have insurance through my job and I have no problem paying more taxes for this.
Me neither.
Sheeeit, Im gettin' taxed for sh*t I dont even know about might as well be some sh*t to help someone whos fuhked up. *shrugs
 5 years ago '08        #7
RokkyRok 50 heat pts50
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 Fras1788 said:
...
But once they get cancer or something, they can add the insurance.. (because insurance companies can't deny "pre-existing conditions". So he can immediately start receiving these expensive treatments, at the cost of your fellow tax payers.
If he adds the insurance, he'd be paying for coverage just like anyone else. And the fact that more people will have insurance means that the company wouldn't have to lean on members like they would in the past, the cost would be absorbed since they would have a higher profit margin.
 5 years ago '07        #8
KnicksLost 17 heat pts17
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 Dy-nasty said:
Americans want this country to be the greatest without chipping in.
word up....
 5 years ago '11        #9
GetuOne 73 heat pts73
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Umm i've got like 3 tooth implants that I need done. total cost without insurance, bout 5k per tooth. Total costs with insurance, bout 4.5k per tooth. F*ck everyone, i've got my own problems, and this stupid Obamacare sh*t isn't going to help my dental at all so f*ck'm f*ck'm f*ck'm f*ck'm
 07-06-2012, 11:01 AM         #10
diggie 
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 GetuOne said:
Umm i've got like 3 tooth implants that I need done. total cost without insurance, bout 5k per tooth. Total costs with insurance, bout 4.5k per tooth. F*ck everyone, i've got my own problems, and this stupid Obamacare sh*t isn't going to help my dental at all so f*ck'm f*ck'm f*ck'm f*ck'm
you are the embodiment of the GOP American way..... thats what wrong with this country IMO
 5 years ago '11        #11
GetuOne 73 heat pts73
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 diggie said:
you are the embodiment of the GOP American way..... thats what wrong with this country IMO
Um did I say I have 3 Escalades to pay for? Did I say I have 3 house mortgages to pay for? No, I said I have 3 tooth implants. I'm not the 1% by any means. Unless this dumb a.ss healthcare plan is going to usher us into a Canada-like healthcare system in the next 10 yrs, then I'm not interested. Screw this, "Ummm, you won't see the change now, but 50 years from now it'll work" bullsh*t. I'll be toothless and dead by then, so f*ck'm, f*ck'm, f*ck'm, f*ck'm
 5 years ago '07        #12
Ham Rove 3510 heat pts3510
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 GetuOne said:
Um did I say I have 3 Escalades to pay for? Did I say I have 3 house mortgages to pay for? No, I said I have 3 tooth implants. I'm not the 1% by any means. Unless this dumb a.ss healthcare plan is going to usher us into a Canada-like healthcare system in the next 10 yrs, then I'm not interested. Screw this, "Ummm, you won't see the change now, but 50 years from now it'll work" bullsh*t. I'll be toothless and dead by then, so f*ck'm, f*ck'm, f*ck'm, f*ck'm
 5 years ago '09        #13
messy marv stan 4530 heat pts4530 OP
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the obama regime is hiring irs agents to enforce this tax
 5 years ago '05        #14
MeziaaL 4 heat pts
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 Fras1788 said:
It's not about the usual "American Way" of laziness and procrastination that makes people hate this. It's the bullsh*t tax penalty that "increases with inflation"

Well, low and fu*king behold, incomes are stagnant! So yes the penalty will increase, but none of us Americans will think this healthcare system is truly cheaper. I already have health insurance so I'm good, but I never fu*king use it because the co-pays are fu*king ridiculous.

On top of that, the people who have health insurance and pay every month will be shouldering the costs of that people that opt out and choose to take the "penalty"

But once they get cancer or something, they can add the insurance.. (because insurance companies can't deny "pre-existing conditions". So he can immediately start receiving these expensive treatments, at the cost of your fellow tax payers.

Any and all government programs can and will be taken advantage of at the cost of taxpayers, there's no question about it...

I'm all for healthcare for all, but the government could fu*k up a wet dream. They can't run anything correctly.


Well Put!!
 5 years ago '11        #15
panelas 31 heat pts31
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damn it must suck getting hurt or sick and having to worry how your gonna pay for it
 5 years ago '09        #16
messy marv stan 4530 heat pts4530 OP
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the jails r gonna be crowded even more with people who dont want to pay the tax
 5 years ago '10        #17
daviddunn 11 heat pts11
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Nobodies paying any new taxes unless you make over $200K...

can't stand propaganda...

lots of areas I dislike with Obamacare (not far enough or enough cost control in my opinion)...but this ain't it...this is little more than nonsense scare tactics...

stop freeloading on the system if you have money...
 5 years ago '09        #18
messy marv stan 4530 heat pts4530 OP
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these days $200k buys a lot less then it used to
 5 years ago '04        #19
ItAlY2BkLyN 238 heat pts238
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Full List of Obamacare Tax Hikes: Listed by Size of Tax Hike
Obamacare law contains 20 new or higher taxes on American families and small businesses

WASHINGTON, DC -- Obamacare contains 20 new or higher taxes on American families and small businesses. Arranged by their respective sizes according to CBO scores, below is the total list of all $500 billion-plus in tax hikes (over the next ten years) in Obamacare, their effective dates, and where to find them in the bill.

$123 Billion: Surtax on Investment Income (Takes effect Jan. 2013): A new, 3.8 percent surtax on investment income earned in households making at least $250,000 ($200,000 single). This would result in the following top tax rates on investment income:




Capital Gains


Dividends


Other*

2012


15%


15%


35%

2013+


23.8%


43.4%


43.4%


*Other unearned income includes (for surtax purposes) gross income from interest, annuities, royalties, net rents, and passive income in partnerships and Subchapter-S corporations. It does not include municipal bond interest or life insurance proceeds, since those do not add to gross income. It does not include active trade or business income, fair market value sales of ownership in pass-through entities, or distributions from retirement plans. The 3.8% surtax does not apply to non-resident aliens. (Bill: Reconciliation Act; Page: 87-93)

$86 Billion: Hike in Medicare Payroll Tax (Takes effect Jan. 2013): Current law and changes:




First $200,000
($250,000 Married)
Employer/Employee


All Remaining Wages
Employer/Employee

Current Law


1.45%/1.45%
2.9% self-employed


1.45%/1.45%
2.9% self-employed

Obamacare Tax Hike


1.45%/1.45%
2.9% self-employed


1.45%/2.35%
3.8% self-employed

Bill: PPACA, Reconciliation Act; Page: 2000-2003; 87-93


$65 Billion: Individual Mandate Excise Tax and Employer Mandate Tax (Both taxes take effect Jan. 2014):

Individual: Anyone not buying “qualifying” health insurance as defined by Obama-appointed HHS bureaucrats must pay an income surtax according to the higher of the following




1 Adult


2 Adults


3+ Adults

2014


1% AGI/$95


1% AGI/$190


1% AGI/$285

2015


2% AGI/$325


2% AGI/$650


2% AGI/$975

2016 +


2.5% AGI/$695


2.5% AGI/$1390


2.5% AGI/$2085

Exemptions for religious objectors, undocumented immigrants, prisoners, those earning less than the poverty line, members of Indian tribes, and hardship cases (determined by HHS). Bill: PPACA; Page: 317-337

Employer: If an employer does not offer health coverage, and at least one employee qualifies for a health tax credit, the employer must pay an additional non-deductible tax of $2000 for all full-time employees. Applies to all employers with 50 or more employees. If any employee actually receives coverage through the exchange, the penalty on the employer for that employee rises to $3000. If the employer requires a waiting period to enroll in coverage of 30-60 days, there is a $400 tax per employee ($600 if the period is 60 days or longer). Bill: PPACA; Page: 345-346

(Combined score of individual and employer mandate tax penalty: $65 billion)

$60.1 Billion: Tax on Health Insurers (Takes effect Jan. 2014): Annual tax on the industry imposed relative to health insurance premiums collected that year. Phases in gradually until 2018. Fully-imposed on firms with $50 million in profits. Bill: PPACA; Page: 1,986-1,993

$32 Billion: Excise Tax on Comprehensive Health Insurance Plans (Takes effect Jan. 2018): Starting in 2018, new 40 percent excise tax on “Cadillac” health insurance plans ($10,200 single/$27,500 family). Higher threshold ($11,500 single/$29,450 family) for early retirees and high-risk professions. CPI +1 percentage point indexed. Bill: PPACA; Page: 1,941-1,956

$23.6 Billion: “Black liquor” tax hike (Took effect in 2010) This is a tax increase on a type of bio-fuel. Bill: Reconciliation Act; Page: 105

$22.2 Billion: Tax on Innovator Drug Companies (Took effect in 2010): $2.3 billion annual tax on the industry imposed relative to share of sales made that year. Bill: PPACA; Page: 1,971-1,980

$20 Billion: Tax on Medical Device Manufacturers (Takes effect Jan. 2013): Medical device manufacturers employ 360,000 people in 6000 plants across the country. This law imposes a new 2.3% excise tax. Exempts items retailing for <$100. Bill: PPACA; Page: 1,980-1,986

$15.2 Billion: High Medical Bills Tax (Takes effect Jan 1. 2013): Currently, those facing high medical expenses are allowed a deduction for medical expenses to the extent that those expenses exceed 7.5 percent of adjusted gross income (AGI). The new provision imposes a threshold of 10 percent of AGI. Waived for 65+ taxpayers in 2013-2016 only. Bill: PPACA; Page: 1,994-1,995

$13.2 Billion: Flexible Spending Account Cap – aka “Special Needs Kids Tax” (Takes effect Jan. 2013): Imposes cap on FSAs of $2500 (now unlimited). Indexed to inflation after 2013. There is one group of FSA owners for whom this new cap will be particularly cruel and onerous: parents of special needs children. There are thousands of families with special needs children in the United States, and many of them use FSAs to pay for special needs education. Tuition rates at one leading school that teaches special needs children in Washington, D.C. (National Child Research Center) can easily exceed $14,000 per year. Under tax rules, FSA dollars can be used to pay for this type of special needs education. Bill: PPACA; Page: 2,388-2,389

$5 Billion: Medicine Cabinet Tax (Took effect Jan. 2011): Americans no longer able to use health savings account (HSA), flexible spending account (FSA), or health reimbursement (HRA) pre-tax dollars to purchase non-prescription, over-the-counter medicines (except insulin). Bill: PPACA; Page: 1,957-1,959

$4.5 Billion: Elimination of tax deduction for employer-provided retirement Rx drug coverage in coordination with Medicare Part D (Takes effect Jan. 2013) Bill: PPACA; Page: 1,994

$4.5 Billion: Codification of the “economic substance doctrine” (Took effect in 2010): This provision allows the IRS to disallow completely-legal tax deductions and other legal tax-minimizing plans just because the IRS deems that the action lacks “substance” and is merely intended to reduce taxes owed. Bill: Reconciliation Act; Page: 108-113

$2.7 Billion: Tax on Indoor Tanning Services (Took effect July 1, 2010): New 10 percent excise tax on Americans using indoor tanning salons. Bill: PPACA; Page: 2,397-2,399

$1.4 Billion: HSA Withdrawal Tax Hike (Took effect Jan. 2011): Increases additional tax on non-medical early withdrawals from an HSA from 10 to 20 percent, disadvantaging them relative to IRAs and other tax-advantaged accounts, which remain at 10 percent. Bill: PPACA; Page: 1,959

$0.6 Billion: $500,000 Annual Executive Compensation Limit for Health Insurance Executives (Takes effect Jan. 2013): Bill: PPACA; Page: 1,995-2,000

$0.4 Billion: Blue Cross/Blue Shield Tax Hike (Took effect in 2010): The special tax deduction in current law for Blue Cross/Blue Shield companies would only be allowed if 85 percent or more of premium revenues are spent on clinical services. Bill: PPACA; Page: 2,004

$ Negligible: Excise Tax on Charitable Hospitals (Took effect in 2010): $50,000 per hospital if they fail to meet new "community health a.ssessment needs," "financial a.ssistance," and "billing and collection" rules set by HHS. Bill: PPACA; Page: 1,961-1,971

$ Negligible: Employer Reporting of Insurance on W-2 (Took effect in Jan. 2012): Preamble to taxing health benefits on individual tax returns. Bill: PPACA; Page: 1,957

Read more:
 5 years ago '04        #20
ItAlY2BkLyN 238 heat pts238
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^^^^^
But I thought this wasn't going to result in new taxes
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