If you think Obamacare and Gun Control are unrelated, think again!
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Posted on 01/31/2013 2:43:47 PM PST by rhema
In a final regulation issued Wednesday, the Internal Revenue Service (IRS) assumed that under Obamacare the cheapest health insurance plan available in 2016 for a family will cost $20,000 for the year.
Under Obamacare, Americans will be required to buy health insurance or pay a penalty to the IRS.
The IRS's assumption that the cheapest plan for family of five will cost $20,000 per year is found in examples the IRS gives to help people understand how to calculate the penalty they will need to pay the government if they do not buy a mandated health plan.
“The annual national average bronze plan premium for a family of 5 (2 adults, 3 children) is $20,000,” the regulation says.
Bronze will be the lowest tier health-insurance plan available under Obamacare--after Silver, Gold, and Platinum. Under the law, the penalty for not buying health insurance is supposed to be capped at either the annual average Bronze premium, 2.5 percent of taxable income, or $2,085.00 per family in 2016.
In the new final rules published Wednesday, IRS set in law the rules for implementing the penalty Americans must pay if they fail to obey Obamacare's mandate to buy insurance.
To help illustrate these rules, the IRS presented examples of different situations families might find themselves in.
In the examples, the IRS assumes that families of five who are uninsured would need to pay an average of $20,000 per year to purchase a Bronze plan in 2016.
Using the conditions laid out in the regulations, the IRS calculates that a family earning $120,000 per year that did not buy insurance would need to pay a "penalty" (a word the IRS still uses despite the Supreme Court ruling that it is in fact a "tax") of $2,400 in 2016.
For those wondering how clear the IRS's clarifications of this new "penalty" rule are, here is one of the actual examples the IRS gives:
“Example 3. Family without minimum essential coverage.
"(i) In 2016, Taxpayers H and J are married and file a joint return. H and J have three children: K, age 21, L, age 15, and M, age 10. No member of the family has minimum essential coverage for any month in 2016. H and J’s household income is $120,000. H and J’s applicable filing threshold is $24,000. The annual national average bronze plan premium for a family of 5 (2 adults, 3 children) is $20,000.
"(ii) For each month in 2016, under paragraphs (b)(2)(ii) and (b)(2)(iii) of this section, the applicable dollar amount is $2,780 (($695 x 3 adults) + (($695/2) x 2 children)). Under paragraph (b)(2)(i) of this section, the flat dollar amount is $2,085 (the lesser of $2,780 and $2,085 ($695 x 3)). Under paragraph (b)(3) of this section, the excess income amount is $2,400 (($120,000 - $24,000) x 0.025). Therefore, under paragraph (b)(1) of this section, the monthly penalty amount is $200 (the greater of $173.75 ($2,085/12) or $200 ($2,400/12)).
"(iii) The sum of the monthly penalty amounts is $2,400 ($200 x 12). The sum of the monthly national average bronze plan premiums is $20,000 ($20,000/12 x 12). Therefore, under paragraph (a) of this section, the shared responsibility payment imposed on H and J for 2016 is $2,400 (the lesser of $2,400 or $20,000).”
Lincoln freed the black slaves. Obama enslaved the white devil.
AND...they exempted themselves and the Prezzy from this crud....
TAXERS for ALL but THEMSELVES:
“Not OUR families, you worthless maggots (taxpayers).”
The creatures outside looked from pig to man, and from man to pig, and from pig to man again; but already it was impossible to say which was which.
The ‘Affordable Care Act’ is not so affordable.
The moment I read that the SC had upheld ObamaCare, I said to myself: I am now a SLAVE.
MOgirl
I seem to remember during the original Hillarycare debate that someone said if it passed, within a few years people would be hunting Democrats down with dogs. They may be right.
I’m gonna have to get a good tracker.
Exactly. Spot on.
I sometimes like to remember 2009 when so many actually seemed to think that what was being planned was actually FREE health care. I marveled that anyone could be so ignorant as to think that. I recall telling some of the naive Obama voters that when it was all over there would be ZERO real health care for anyone except the very few elite at the top. They thought I was nuts.
And that is the really pertinent information left out of the first half of the article.
I'll be damned if that asshat in the Oval office will force me to buy anything. Especially something I do not need.
Oh, they've figured it out all right. Reduce the percentage of eeeeeevil white people, disrupt the social fabric, create more Dem voters (as if with massive election fraud they really need more), and help destroy the USA.
There are no well intentioned Dems.
Wowsa, that’s going to hurt a lot of people who are only trying to help someone in need.
Amen brother. You got that right.
The plan is to get you to buy from the government and get pretty much nothing in return or pay the tax penalty and get nothing in return.
Imagine some one scrimping a few thousand to help their brother, son, niece or grandchild and now they have to come up with another 10 grand, +or- depending on their income!
It’s truly demonic... and nobody knows!
Me too. Im enjoying the ride to hell in my handbasket.
My understanding is subsidies for poor will be about 16,000. So if you make 20,000 per year, you may get the 20,000 plan for a few hundred bucks a year.
Where is the queen’s wedding ring?
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