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Affordable Care Actís unexpected side effect: an IOU to the IRS
San Francisco Chronicle ^ | July 8, 2018 | Catherine Ho

Posted on 07/08/2018 11:25:28 AM PDT by artichokegrower

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To: artichokegrower

And the Liberal Creepozoids that rule Kalifornia will try to keep ‘Covered California’ (their twisted version of ObambiCare) alive as long as possible. The incredible full of crap, lying television and radio ads for ‘Covered California’ promise the same crap Obambi did. If one actually investigates, one learns that a huge percentage of the new Covered California enrollees are in MediCal, Kalifornia’s version of federal Medicaid. Fewer and fewer doctors are accepting Medicaid patients, so even though you are ‘Covered’ there is, in reality, no ‘coverage.’ With Medicaid reimbursement rates so low, a doctor, clinic, or hospital cannot afford to stay in business.
Kalifornia Creepozoids All


21 posted on 07/08/2018 12:48:56 PM PDT by Ronaldus Magnus III (Do, or do not, there is no try.)
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To: artichokegrower

There are many gotchas surrounding the “Affordable” Care Act and some workarounds. Like an IRA deduction to slide under the 400% unlimited bar. This couple should get a second opinion on their return. Because this is an advanced tax credit repayment, it is subject to full collectipn efforts, unlike the penalty. CJ Roberts hit this one out of the park. /drippingsarc


22 posted on 07/08/2018 12:50:20 PM PDT by NonValueAdded (#DeplorableMe #BitterClinger #HillNO! #cishet #MyPresident #MAGA #Winning #covfefe)
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To: 2harddrive

Sell the boat at a quarter of its value and then some prick bureaucrat or IRS agent can get it for a steal.


23 posted on 07/08/2018 1:18:55 PM PDT by grumpygresh (Abolish administrative law. It's regressive, medieval and unconstitutional!)
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To: PAR35

As I said earlier I am 66 and still working. I pay my Medicare tax as part of my pay deductions. It comes to around $2,500 per year. I signed up for Medicare Part A. It’s without charge to me. I signed up for Medicare Part B and surprise I am a high income earner. Part B is going to cost me an additional $1,200 per year. Paid into Medicare all of my working life, still paying into it and now they want to charge me more for enrolling into the program.


24 posted on 07/08/2018 1:20:26 PM PDT by artichokegrower
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To: SaveFerris
With my wife on the policy, $13,000 in premiums, %6900 in deductibles before anything was covered. Fortunately, my wife had coverage from her employer too. My employer sponsored coverage is massively expensive well before you get any benefit. Stupid on steroids.
25 posted on 07/08/2018 1:56:36 PM PDT by Myrddin
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To: SaveFerris

Hey, you gotta pay for all those fatazzez who developed diabetes and the opioid/drug users, crime-inflicted injuries, illegal aliens and their brats, HIV/STD/AIDS “victims” and other self inflicted/lifestyle ‘insureds”


26 posted on 07/08/2018 2:00:58 PM PDT by A_Former_Democrat (Call RedHen (540) 464-4401 and make no-show reservations)
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To: A_Former_Democrat; Myrddin

Yes, I went from paying about $200 a month to basically having $17,000 out of pocket.

Insanity. 2008-2016. You know who.


27 posted on 07/08/2018 2:03:19 PM PDT by SaveFerris (Luke 17:28 ... as it was in the days of Lot; they did eat, they drank, they bought, they sold ......)
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To: mplc51

Even so, $1,700 a MONTH is more than $20,000 a year just for medical insurance .....!


28 posted on 07/08/2018 2:03:45 PM PDT by RetiredTexasVet (Start using cash and checks or the elite class and bankers will make "cashless" the norm.)
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To: 2harddrive

Boo-freakin-hoo
And i will bet they have other assets and advantages besides the Kroozin’Pink Kitty Cat Hat. Just amazing once we get all the details on many of those stories. We all get shafted somehow by the goobermint.
At least these people are young enough to go back to work


29 posted on 07/08/2018 2:05:35 PM PDT by Honest Nigerian
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To: 2harddrive

Boo-freakin-hoo
And i will bet they have other assets and advantages besides the Kroozin’Pink Kitty Cat Hat. Just amazing once we get all the details on many of those stories. We all get shafted somehow by the goobermint.
At least these people are young enough to go back to work


30 posted on 07/08/2018 2:07:16 PM PDT by Honest Nigerian
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To: Honest Nigerian

Ditto on details of these stories. I suspect this couple could pay back the amount in a lump sum. The keypoint of the article is they blame the healthcare navigator for giving bad advice over the phone. Accepting that “free” advice cost them 13 grand.


31 posted on 07/08/2018 2:46:04 PM PDT by EVO X
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To: PAR35

I’m self-employed, so my wife and I pay $1745/month, almost $21,000/year, for an “affordable” ObamaCare plan.

So, for $21,000/year, it must be a great plan, right? No. It has a $13,000 deductible and all services must be performed by an in-network provider in a very small network. No vision, hearing, or dental coverage. But 50-something wife and I do get free birth control pills.

Thanks, Barack, and thank you, too, Nancy.

Being self-employed, I have quite a bit of control on the timing of income, but I essentially quit taking on work at the end of the year. I figure that a $1 over the 400% threshold has a marginal income tax rate of about 800,000%. I just can’t afford to work.

By limiting income and taking full advantage of adjustments to income such as health savings account and retirement contributions, I manage to get the subsidy. Essentially, ObamaCare mandates that I pay my income taxes to an insurance company rather than the IRS.

The 400% is based on modified adjusted gross income. ObamaCare victims should all check to see whether they can increase any of the adjustments to gross income such as retirement or HSA contributions before year end.


32 posted on 07/08/2018 3:12:11 PM PDT by Skepolitic
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To: artichokegrower

I’ve run the numbers and I can afford to work until I’m 70.5. Then I’ll have to quit - the taxes will eat most of my pay at that point. I’ll start taking SS and mandatory distributions.


33 posted on 07/08/2018 3:46:32 PM PDT by PAR35
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To: Skepolitic

Be careful with your calculations for this year - the all of the numbers have moved with the new tax law.


34 posted on 07/08/2018 3:50:33 PM PDT by PAR35
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To: Skepolitic

Plus you get to pay your own Social Security taxes.


35 posted on 07/08/2018 4:09:11 PM PDT by Vermont Lt
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To: Gen.Blather

Thank you for the tips.


36 posted on 07/08/2018 6:45:11 PM PDT by wally_bert (Just call me Angelo or babe.)
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To: shanover
I don't think you understand...They Love their sailboat!!!!....They just cant afford it!..../s
37 posted on 07/08/2018 6:50:29 PM PDT by M-cubed
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To: artichokegrower
I don't have a sailboat. So their $80,000 annual income disqualified them from transferring income from me to subsidize their medical insurance. I am 66 still working and have not tapped into my Social Security benefits because I know it would be taxable income.

I'm 66 and retired when I was 62 - the wife preceded me by 1-1/2 years when she became 62.

We both took our SS at the time of retirement because odds say we will get more out of it rather than starting later and then playing "Catch up". Unless taking it would result in moving to a higher tax bracket and decreasing the net amount of income for the year, it seems to make no sense to not take it - especially with all the doom and gloom predictions about the viability of "full payouts"...

38 posted on 07/09/2018 3:18:55 AM PDT by trebb (Too many "Conservatives" who think their opinions outweigh reality these days...)
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