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Keyword: obamacarepenalty

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  • It’s Not an Obamacare Tax: It’s an “Individual Shared Responsibility Payment”

    03/09/2014 7:06:43 AM PDT · by Kaslin · 27 replies
    Townhall.com ^ | March 9, 2014 | Michael Schaus
    Here’s your Orwellian Phrase for the Week: Individual shared responsibility payment. Yeah… Go ahead and try to wrap your brain around that amalgamation of contradictory concepts. The phrase is not gleamed from some glossy DNC spin-office, or a Harvard professor’s latest psychobabble posing as an academic paper. Apparently the phrase is the IRS’s fancy (new) term for the Obamacare Mandate tax that individuals will have to pay if they fail to get health insurance this year. As reported by Americans for Tax Reform: If you (or any of your dependents) do not maintain coverage and do not qualify for an...
  • ACA Penalty: What You Need to Know(I thought it was a tax?)

    03/27/2014 4:44:34 PM PDT · by mdittmar · 19 replies
    NBC Connecticut ^ | Mar 27, 2014 | Jeff Saperstone
    March 31 is the deadline to enroll for health coverage under the Affordable Care Act. After that day, individuals without insurance could face a penalty. That penalty is $95 or 1% of your income, whichever is more. Even though the White House extended that deadline, the State of Connecticut is not. Monday remains the deadline but there are some exceptions that would allow you to enroll after then without penalty. "If you have some sort of a life status change: a divorce or death, loss of insurance coverage through an employer, those would be considered life status changes and you...
  • How Matt Drudge (and Other Obamacare Victims) Can Escape the “Liberty Tax”

    03/27/2014 6:09:23 AM PDT · by Biggirl · 9 replies
    OpenMarket ^ | March 27, 2014 | John Berlau
    Matt Drudge’s widely discussed tweet that he has already paid Obamacare’s “liberty tax” highlights the uncertainties the self-employed face both from the health care law and the tax code in general. As pointed out by an editorial in Investor’s Business Daily, “self-employed entrepreneurs ranging from Drudge to small-shop proprietors and independent contractors have long been aware of the requirement to estimate their tax liability and send a quarter of it in every three months, and that this amount includes ‘other taxes’ such as the ObamaCare opt-out penalty.”
  • Surprise! White House To Delay 'Firm' Obamacare Enrollment Deadline Past March 31

    03/26/2014 2:28:14 AM PDT · by SoFloFreeper · 15 replies
    Forbes ^ | 3/26/14 | Avik Roy
    Though the Obama administration repeatedly insisted that its March 31 enrollment deadline for Obamacare’s first year was “firm,” many observers predicted that the administration would combat lagging sales of health law-sponsored insurance plans by extending that deadline. Sure enough, on Tuesday night the White House indicated that it would be postponing that drop date in order to squeeze as many people as possible into the program. Amy Goldstein of the Washington Post broke the story. Goldstein reports that the revised deadline “will apply to the federal exchanges operating in three dozen states” and extend for two to three weeks.
  • You Might Pay A Lot More Than $95 For Skipping Health Insurance

    03/12/2014 3:11:03 PM PDT · by SeekAndFind · 22 replies
    NPR ^ | 03/12/2014 | Julie Rovner
    2014 is the first year most Americans will have to either have health insurance or face a tax penalty. But most people who are aware of the penalty think it's pretty small, at least for this first year. And that could turn into an expensive mistake. "I'd say the vast majority of people I've dealt with really believe that the penalty is only $95, if they know about it at all," says Brian Haile, senior vice president for health policy at Jackson Hewitt Tax Service. "And when people find out, they're stunned. It's much, much higher than they would expect."...
  • Shocker: IRS estimates cheapest Obamacare plan $20k per family in 2016

    03/06/2014 7:54:53 AM PST · by SeekAndFind · 59 replies
    American Thinker ^ | 03/06/2014 | Thomas Lifson
    In an official document, the Internal Revenue Service, the enforcer of Obamacare’s mandates, is estimating that the cheapest Obamacare plan (the Bronze level of coverage) will cost a family of four $20,000 per year. Matt Cover of CNS News writes: The IRS's assumption that the cheapest plan for a family 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 examples point to families of four and families of five, both of...
  • IRS: Obamacare Cheapest Plan $20,000 Per Family in 2016

    (CNSNews.com) – 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 a family 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 examples...
  • IRS Warns: Obamacare Tax Must Be Paid with Tax Return

    02/25/2014 8:01:51 PM PST · by Mariner · 125 replies
    Americans for Tax Reform ^ | Tuesday, February 25, 2014 6:20 PM EST | John Kartch
    GET INVOLVED Email:* Zip Code: *Required Privacy Policy Email Print Tuesday, February 25, 2014 6:20 PM EST John Kartch Related Items Grover Norquist discusses the Obamacare Cover Up Obamacare Exchanges Enroll Only 51,000 Uninsured Americans The Obamacare Signup Cover-up Daily Media Spotlight for August 15, 2013 Read More IRS Warns: Obamacare Tax Must Be Paid with Tax Return Agency employs Orwellian term “Shared Responsibility Payment” to describe Obamacare individual mandate tax. President Obama’s Internal Revenue Service today quietly released a series of Obamacare “Health Care Tax Tips” warning Americans that they must obtain “qualifying” health insurance – as defined by...
  • Calculating the health care individual mandate penalty

    01/21/2014 8:45:29 AM PST · by Seizethecarp · 4 replies
    Journal of Accountancy ^ | January 2014 | Debra M. Johnson, CPA, J.D., LL.M
    ...a single taxpayer would have to have an income of about $190,400 before the penalty for a full year would overtake the lower end of the estimated average bronze premium range (again, based on an estimated 2016 filing threshold: (2.5% × [$190,400 − $10,400] = $4,500)). For a married couple, the corresponding household income would be $500,800 (2.5% × [$500,800 − $20,800] = $12,000).
  • Rep. Gohmert drops health coverage, blames Obamacare

    01/21/2014 8:06:49 AM PST · by Whenifhow · 15 replies
    http://www.dallasnews.com ^ | January 20, 2014 | BEN KAMISAR
    WASHINGTON — Lots of conservative lawmakers hate Obamacare. Rep. Louie Gohmert is putting his money where his mouth is. The Tyler Republican gave up his health insurance for 2014, asserting that the president’s signature health care law, the Affordable Care Act, has made coverage too expensive. “Other people are going to see what I did when I looked into health insurance for my wife and me: that the deductible rate, it doubled, about $3,000 to $6,000, and our policy was going to go from about $300 to about $1,500 a month,” he said during a recent radio interview with Trey...
  • Federal law says you CAN opt out of Obamacare and CAN NOT be penalized if you do

    01/09/2014 8:58:27 AM PST · by Lucky9teen · 43 replies
    The DC Clothesline ^ | January 9, 2014 | Dr. Eowyn
    Ever heard of a federal law 42 USC § 18115: Freedom Not to Participate in Federal Health Insurance Programs? I haven’t either.But thanks to FOTM reader Joseph, now we all do!This is how Cornell University Law School’s website describes 42 USC § 18115: No individual, company, business, nonprofit entity, or health insurance issuer offering group or individual health insurance coverage shall be required to participate in any Federal health insurance program created under this Act(or any amendments made by this Act), or in any Federal health insurance program expanded by this Act (or any such amendments), and there shall be no penalty or fine imposed upon any such...
  • Obamacare’s homecare cuts to hit sick and old New Years Day

    12/12/2013 10:37:30 AM PST · by 2ndDivisionVet · 27 replies
    The Daily Caller ^ | December 12, 2013 | Christopher Bedford
    Starting Jan. 1, the Centers for Medicare and Medicaid Services (CMS) will begin slashing 14 percent of their Home Health Care Prospective Payment Program budget, driving small home health-care providers out of business and potentially affecting millions of poor, elderly citizens in need of physical rehabilitation. The cuts — which are being made to fund Obamacare — will slash the homecare budget 3.5 percent every year for the next four. “By CMS’s own calculation, 40 percent or nearly 5,000 home health companies — mainly small businesses — will experience a “net loss” in revenue due to the cuts and go...
  • Opt-Out Obamacare Penalty Can't Be Enforced -- Unless You Get a Tax Refund

    10/24/2013 10:48:07 AM PDT · by sheikdetailfeather · 98 replies
    Rush Limbaugh ^ | 10-24-2013 | Rush Limbaugh
    October 24, 2013 BEGIN TRANSCRIPT RUSH: For those of us who take as long as we can to pay our taxes, October 15th was the extension filing date for 2012, and I dutifully was in there. My accountant, who is almost afraid to be my accountant because he thinks he's gonna get targeted, too, just 'cause his name's on my return, he said, "Look, you may not know this, but you keep talking about these Obamacare fines if you don't buy a policy. Do you know that under the law --" and I had to go look it up. Not...
  • White House: Health care penalty deadline to be delayed by up to six weeks

    10/23/2013 5:19:28 PM PDT · by SeekAndFind · 113 replies
    NBC News ^ | 10/23/2013 | Matthew DeLuca and Daniel Arkin
    Amid mounting criticism, the White House said Wednesday that it plans to soften the deadline for when Americans are required to purchase health insurance. The date by when Americans would be penalized for not having signed up for health insurance could be “slid” back by as much as six weeks, administration officials told NBC News. But it was not immediately clear Wednesday whether the adjustment to a cornerstone of the Affordable Care Act would need to be approved by Congress or could be done by the Department of Health and Human Services administratively. As the law stands now, individuals are...
  • Not Planning to Buy Health Insurance? Here’s What’s Going to Happen to You

    10/04/2013 2:57:21 PM PDT · by Maelstorm · 110 replies
    http://www.moneytalksnews.com ^ | October 4, 2013 | By Susan Ladika
    It may seem like a clever idea to save yourself cash by not purchasing health insurance, but with Obamacare kicking in, you’ll have penalties to pay, which could cost you big bucks in the long run. Not only are you playing financial Russian roulette – you could be forking out tens of thousands or hundreds of thousands of dollars if you’re injured in an accident or become seriously ill – you’ll also have to pay a penalty to the federal government for flouting the law, costing you hundreds or thousands of dollars more. A wiser decision if you’re uninsured is...
  • Hayride: Preexisting Conditions Horror Story at Healthcare.gov

    10/02/2013 11:08:47 AM PDT · by CivilWarBrewing · 73 replies
    Tigerdroppings.com ^ | October 02, 2013 | CivilWarBrewing
    The following is a screen shot of the comments section at Healthcare.gov and is circulating on the web. Among other startling facts, the user indicates that his fine for electing to 'opt out' of 0bamacare is $4,037.00 and would be attached to his tax return:
  • Sebelius: Obamacare Is Success If 16.9% of Uninsured Enroll by End of March

    10/01/2013 7:53:55 AM PDT · by Rusty0604 · 38 replies
    CNS News ^ | 10/01/2013 | Susan Jones
    "I think success looks like at least 7 million people having signed up by the end of March 2014," Sebelius told NBC's Nancy Snyderman. But 7 million is only 16.9 percent of the 41.3 million Americans who, according to HHS, are currently uninsured and eligible to get coverage "It's a debate," Sebelius told NBC. "Do you want to have protection for basically every checkup, every visit, everything that you do -- or do you have a situation where you are making a determination where you and your family don't use medical services that much and you want to make sure...
  • The One Word Missing From All Those ObamaCare Ads

    09/30/2013 12:03:17 PM PDT · by IBD editorial writer · 6 replies
    Investor's Business Daily ^ | 09/30/2013 | John Merline
    In a speech at a Maryland community college last week promoting his namesake health reform law, President Obama mentioned the word "benefits" 10 times. Free preventive care, coverage for children up to age 26, a better drug plan for seniors. "We're giving more benefits and protections," he said. But there was one word Obama didn't mention once in his entire 51-minute talk. And that word was "mandate." That's despite the fact that a central feature of ObamaCare is the requirement that all those adoring young people buy insurance or pay a fine, and is the key to whatever chances of...
  • ObamaCare: Should You Pay the Premium or the Tax?

    09/22/2013 5:44:23 AM PDT · by Kaslin · 41 replies
    Townhall.com ^ | September 22, 2013 | Political Calculations
    When it comes to ObamaCare, should you pay the premium for buying health insurance on your state's exchange, or would you be better off skipping it and paying the "penalty" tax instead? In two weeks time from this writing, you may find yourself having to answer that question, and the answer may not be what you think. In setting up the its system for mandating that all Americans have health insurance, the Patient Protection and Affordable Care Act (PPACA) actually creates some really perverse incentives that may make it more desirable for people to dump their health insurance coverage instead....
  • Firms won't be fined for not telling workers about Obamacare

    09/12/2013 4:28:58 PM PDT · by markomalley · 7 replies
    Reuters ^ | 9/12/2013
    Employers will not face a penalty if they fail to inform their workers by October 1 about changes under President Barack Obama's healthcare law, the administration said, in what will likely come as a relief to many small businesses. The federal government is requiring businesses to notify employees about the new health insurance marketplaces created by the law that are set to start enrolling millions of Americans beginning October 1. Employers are also required to inform employees that they may be able to get lower-cost insurance on the exchanges, but if they buy insurance on the exchange, they may lose...
  • Business Owners May Face $100-Per-Day Penalty Under ObamaCare (beginning Oct. 1)

    09/10/2013 4:02:00 PM PDT · by Libloather · 17 replies
    Fox Business ^ | 9/09/13 | Kate Rogers
    Small business owners who thought they were off the hook for ObamaCare regulations until 2015 may be in for an expensive wake-up call next month. Beginning Oct. 1, any business with at least one employee and $500,000 in annual revenue must notify all employees by letter about the Affordable Care Act’s health-care exchanges, or face up to a $100-per-day fine. The requirement applies to any business regulated under the Fair Labor Standards Act, regardless of size. Going forward, letters are to be distributed to any new hires within 14 days of their starting date, according to the Department of Labor.
  • Will young people pay for mandated health insurance next year? Uh, probably not …

    08/26/2013 5:28:38 PM PDT · by SeekAndFind · 13 replies
    Hotair ^ | 08/26/2013 | BRUCE MCQUAIN
    Chris Conover takes to the pages of Forbes to discuss whether or not young people will take the plunge next year and buy health insurance as required by ObamaCare. His conclusion? Not if they’re smart. A recent study by the National Center for Public Policy Research shows that: About 3.7 million of those ages 18-34 will be at least $500 better off if they forgo insurance and pay the penalty.More than 3 million will be $1,000 better off if they go the same route. Consequently, many more will opt to pay the extremely modest tax rather than fork over many...
  • ObamaCare Employer Fine Will Swell Despite Delay

    08/13/2013 12:11:58 PM PDT · by SeekAndFind · 13 replies
    IBD ^ | 08/13/2013 | By Jed Graham, INVESTOR'S BUSINESS DAILY
    The delay in implementation of ObamaCare's employer fines won't keep them from growing between now and when they finally hit in 2015. Each year, the fines will grow in line with the growth in average per-person health insurance premiums relative to 2013. Here's the problem: Average wages generally grow slower than health premiums, and the wages of low-income workers lag average wage growth. That means the penalties will gradually loom larger and larger relative to wages for modest-skilled workers, giving employers a bigger incentive to cut them to part-time. Even if health premiums grow at an average 3.5% annual rate...
  • ‘Computer glitch’ may push Obamacare tobacco-use penalties back until after 2014

    07/09/2013 8:29:20 AM PDT · by rktman · 12 replies
    The Daily Caller ^ | 7/9/2013 | ASSociated Press
    WASHINGTON (AP) — Some smokers trying to get coverage next year under President Barack Obama’s health care law may get a break from tobacco-use penalties that could have made their premiums unaffordable. The Obama administration — in yet another health care overhaul delay — has quietly notified insurers that a computer system glitch will limit penalties that the law says the companies may charge smokers. A fix will take at least a year to put in place.
  • IRS: Parents Must Pay Federal Fine for Uninsured Kids

    01/31/2013 7:11:08 PM PST · by Olog-hai · 74 replies
    Cybercast News Service ^ | January 31, 2013 | Matt Cover
    In new, final regulations issued Wednesday, the Internal Revenue Service (IRS) said that parents must pay a federal fine under Obamacare if their children or dependent spouses are uninsured for any part of the year. The regulations clarify provisions of Obamacare that seem to say that a parent will be held liable for Obamacare’s individual mandate penalty if they don’t have insurance coverage for their children. In its final regulations, the IRS states that parents will be made to pay the penalty if they can claim an uninsured child or spouse as a dependent, regardless of whether they actually claim...
  • Federal Rule (Obamacare) Limits Aid to Families Who Can’t Afford Employers’ Health Coverage

    01/31/2013 4:46:46 PM PST · by Libloather · 7 replies
    NY Times ^ | 1/30/13 | ROBERT PEAR
    WASHINGTON — The Obama administration adopted a strict definition of affordable health insurance on Wednesday that will deny federal financial assistance to millions of Americans with modest incomes who cannot afford family coverage offered by employers. In deciding whether an employer’s health plan is affordable, the Internal Revenue Service said it would look at the cost of coverage only for an individual employee, not for a family. Family coverage might be prohibitively expensive, but federal subsidies would not be available to help buy insurance for children in the family. The policy decision came in a final regulation interpreting ambiguous language...
  • Supporting a relative? Then pay their Obamacare penalty!

    01/31/2013 4:58:54 PM PST · by mrsmith · 22 replies
    IRS ^ | 1/31/13 | self
    Page 17 "...b. Liability for shared responsibility payment i. Liability for dependents Under section 5000A(b)(3)(A), if an individual with respect to whom the shared responsibility payment is imposed for a month is another individual's dependent (as defined in section 152) for the taxable year including that month, the other individual is liable for the shared responsibility payment for the dependent. The proposed regulations clarify that a taxpayer is liable for the shared responsibility payment imposed with respect to any individual for a month in a taxable year for which the taxpayer may claim a personal exemption deduction for the individual...
  • IRS: Cheapest Obamacare Plan Will Be $20,000 Per Family

    01/31/2013 2:43:47 PM PST · by rhema · 250 replies
    CNS News ^ | January 31, 2013 | Matt Cover
    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...
  • Penalty could keep smokers out of health overhaul

    WASHINGTON (AP) — Millions of smokers could be priced out of health insurance because of tobacco penalties in President Barack Obama's health care law, according to experts who are just now teasing out the potential impact of a little-noted provision in the massive legislation. The Affordable Care Act — "Obamacare" to its detractors — allows health insurers to charge smokers buying individual policies up to 50 percent higher premiums starting next Jan. 1. For a 55-year-old smoker, the penalty could reach nearly $4,250 a year. A 60-year-old could wind up paying nearly $5,100 on top of premiums. Younger smokers could...
  • More than 2,200 hospitals face penalties under ObamaCare rules

    08/23/2012 5:43:51 PM PDT · by opentalk · 17 replies
    Foxnews ^ | August 23, 2012 | Jonathan Serrie
    A provision of ObamaCare is set to punish roughly two-thirds of U.S. hospitals evaluated by Medicare starting this fall over high readmission rates, according to an analysis by Kaiser Health News. Starting in October, Medicare will reduce reimbursements to hospitals with high 30-day readmission rates --which refers to patients who return within a month --by as much as 1 percent. The maximum penalty increases to 2 percent the following year and 3 percent in 2014. Doctors are concerned the penalty is unfair, since sometimes they have to accept patients more than once in a brief period of time but could...
  • Obama: “If you’ve got health insurance, you’re not getting hit by a tax” (Now he says it's a tax)

    07/15/2012 5:34:10 AM PDT · by SeekAndFind · 8 replies
    Hotair ^ | 07/14/2012 | Ed Morrissey
    Is the individual mandate in ObamaCare a tax? No, said Nancy Pelosi. No, said DNC chair Debbie Wasserman Schultz, even if the IRS is the only agency that can enforce it. No, said Jay Carney, or at least, "it is not a broad-based tax."Of course, Mitt Romney called it a tax --- eventually. Yesterday, his opponent in the election weighed in on the issue, and … have we reached a consensus?CLICK ABOVE LINK FOR THE VIDEO OF OBAMA ADMITTING HE LIED TO US “By the way, if you’ve got health insurance, you’re not getting hit by a tax,” President Obama...