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Title: Obamacare penalty may come as shock at tax time
Source:
Washington Times
URL Source: http://www.washingtontimes.com/news ... may-come-as-shock-at-tax-time/
Published: Jan 19, 2015
Author: Tom Howell Jr
Post Date: 2015-01-19 12:54:16 by Operation 40
Keywords: Obamacare, Insurance, Catastrophe
Views: 1353
Comments: 1
Obamacare penalty may come as shock at tax time Those Americans who didn’t get health insurance last year could be in for a rude awakening when the IRS asks them to fork over their Obamacare penalty — and it could be a lot more than the $95 many of them may be expecting. The Affordable Care Act requires those who didn’t have insurance last year and didn’t qualify for one of the exemptions to pay a tax penalty, which was widely cited as $95 the first year. But the $95 is actually a minimum, and middle- and upper-income families will actually end up paying 1 percent of their household income as their penalty. TurboTax, an online tax service, estimated that the average penalty for lacking health insurance in 2014 will be $301. “People would hear the $95, quit listening, and make an assumption that that was what their penalty was going to be,” said Chuck Lovelace, vice president of affordable care for Liberty Tax Service. “I think that a lot of people will be surprised when they get in there and find out that their penalty is [based] on their household income.” The penalty is designed to prod Americans to buy insurance and the penalty for not having it is scheduled to rise considerably: to a $325 minimum or 2 percent of income in 2015, and to a $695 minimum or 2.5 percent of income in 2016... SNIP MORE: http://www.washingtontimes.com/news/2015/jan/18/obamacare-penalty-may-come-as-shock-at-tax-time/ $95. ROFL From the Smokin' Hot Comments (2000+) Rob: Ready for a knee-slapping chuckle? If you're an illegal alien filing a return under a Taxpayer ID number instead of a Social Security number, you pay absolutely NO PENALTY if you did not have insurance. In fact, you don't even have to provide proof of insurance. We hand out $4.6 billion per year in tax credits to illegal aliens with no strings attached. They still use the emergency room free, and YOU THE TAXPAYER pay for it. If you're a struggling American or legal resident, YOU WILL PAY 1% OF YOUR INCOME THIS YEAR, 2% NEXT YEAR without insurance. Isn't that a chuckle what Obama and the Democrats have done to the working class and poor? Hysterical! Obama on the Campaign Trail Obama was against mandatory health insurance before he was for it
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#1. To: Operation 40 (#0)
This will not play well in public polling for Obola and the Dims when the tax bill hits hard in April (or before). It will really hit the fan in April 2016. The Dims think 2016 will be a good year for them to take the Senate back. With the bill for Obamacare looming, I think they are in for a big surprise.
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