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).”
If it's any consolation, think of his permanent, idiotic, spit-eating grin.
Maybe, but I don’t think so. It has to be under 8% of the gross, which is mentioned in the article and the document I linked. That’s what I thought too, but the basis for the loopy IRS calculations is the annual adjusted gross income.
exactly, Obamacare has nothing to do with healthcare and everything to do with population control.
Case management will be selectivly enforced by the slave owners.
another reason to rush gun control, especially assault weapons that can take out 100 at a time (congress has 100)
“The amount they pay is $2600 not $20,000.”
Now that’s affordable but, is it sustainable?
A number of us think he virtually torpedoed obamakkkare with the tax decision. what Obamugabe thought was going to throw 15% of the US economy into the hands of the HHS secretary and her band of thugs and goons was, instead, tossed into the hands of a tax structuring subcommittee in the House of Representatives.
You really gotta' have a major interest in economics, statistical analysis and rule writing to give a darned about such things ~ which means that for all practical purposes a couple of guys in the House who don't like each other very much will be able to turn obamakkkare on and off like a spigot.
Just right click on the graphic and pick “save” or “save as...” from the resulting menu.
Roberts may have displayed a sort of genius by re-writing the individual mandate as a tax, subject to the whim of Congress, which could eliminate it as a tax. However, Roberts’ job was not to re-write the law, but to discard it as wholly unconstitutional under Article I, Section 8, which does not say a lick about medical issues.
Given that the Democrats seem to be in ascendance, and the Republican cauci are mostly spineless humps when it comes to confronting the Democrats, Justice Roberts may turn out to have been a fool yet.
Although folks like to believe that epilepsy is no bar to someone doing great work, the facts don’t bear out that belief. Roberts, Biden, Clinton ~ all show symptoms of what happens to your higher mental processes when you end up with damaged brain tissue. That may also be the case of Obama.
You have proof that His Smugness John Roberts has epilepsy? Or Biden and Clinton (Bill or Hlllary)?
I think Roberts just has a case of I-Want-The-SCOTUS-To-Be-Accepted-In-Washingtons, while Biden is simply a f*cking idiot and a clown.
You can look it up if you want. Now, about Hillary Clinton, she's passed out three times in public ~ or, she's had several unprovoked seizures ~ whatever you want to call it. The trip on the airplane falls in that category. Then, she fell and broke her arm in the State Department basement in an area with neither slick spots nor obstructions. She just upped and passed out and fell down. There are others. Once, at Ronald Reagan's funeral, she went unconscious!
But Biden is definitely a headcase. He's had brain surgery 3 times.
Obama has a visible scar that we've all discussed before. He doesn't ~ so what's that about. Does he just walk along and fall down unconscious?
ObamaCare’s Broken Promises: Every one of the law’s main claims turning out to be false.
http://online.wsj.com/article/SB10001424127887323374504578217720567917856.html?mod=WSJ_Opinion_LEADTop
It doesn’t matter to leftists. INTENTIONS are all that matter, results do not.
“it is hard to imagine amore stupid or more dangerous way of making decisions than by putting those decisions in the hands of people who pay no price for being wrong.” Thomas Sowell
The bronze plan will only cover sterilization, contraception and abortion. If you want additional health care coverage, you will have to purchase a more expensive plan.
I don’t know anyone taking home $20,000 who could afford $2,600/yr for health insurance. They could barely afford $260. Most will go without and won’t be able to pay the penalty either. A major fustercluck and if anything would throw a wrench into the economy, that would be it.
Isn’t that the truth! Not going to happen. Power over the people is what both fight over. They could end this but refuse.
” Ill take the “Tin” Plan with one aspirin a year and a Bandaid a month....Yes that’s $7,890 a year
“I’m an Illegal Alien” Ill take the Platinium plan with free everything....That’s ZERO dollars amigo.
” Ill take the “Tin” Plan with one aspirin a year and a Bandaid a month....Yes that’s $7,890 a year
“I’m an Illegal Alien” Ill take the Platinium plan with free everything....That’s ZERO dollars amigo.
I don’t know of any families which could afford that...
Nope, we are alone on this one. And once we all figure that out, we'll also learn that we never needed them in the first place.
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