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).”
It's either that or F*ing cry.
Have you been to a veterinarian lately? I can’t ever seem to walk out of the door for less than $200.
Obamacare, as far as I’m concerned, is more than enough reason to enact the 2nd Amendment fail-safe.
I wonder what the average life span of the fagots is...Maybe 42 years..?
Its a damn shame the working folks must take on so much of the burden of the bums...
You know that's what it was all about to start with....Just more welfare for the bums...
Bump dat!
The whole thing is so depressing. It’s really wearing on me.
Not for me, but for my kids and grands.
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. >>>>>>>>>>>>
It will be enforced with all of the stautory ex parte search and seizure provisions they have. People will loose all they own without so much as a court hearing.
Yet where is the MSM on all of this. are they informing America? ....Nope.
Thats fascism folks.
“Have you been to a veterinarian lately? I can’t ever seem to walk out of the door for less than $200.”
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Unfortunately yes, that is why we don’t have a Border Collie any longer since we buried our almost human black and white marvel, even though we have plenty of room on eight acres. We do have a couple of cats but no plans of another once they pass on. I am just very skeptical of what is happening and I think that soon you may have a better chance of getting some actual health care from a vet than you will with what will soon be passed off as an MD in this country.
I know the feeling well, it is like listening to the fantasies of small children but realizing that they WILL NOT grow out of it! You really don’t know whether to laugh, cry or just scream at them to try to wake them up, any one of the three is pointless because somewhere along the way they have MADE A DECISION not to be bothered by reality. This is how I see it now, I cannot come up with any other explanation. They are WILLFULLY ignorant, they cannot be persuaded to see what should be as obvious as the rising sun and are able to believe two diametrically opposite statements at the same time provided that NEITHER ONE of those opposing statements follow any true logic or make sense in any way. At the same time they heap scorn on anyone who says what your grandparents considered to be beyond question. Many, if not most imagine that they are superior thinkers who have advanced far beyond the logic of the founding fathers of the USA and even those who are total losers though they may be over 35 and have never been able to make their own way in the world still imagine that somehow they are superior. I would not be in any way surprised to see one of these hopeless lumps bragging loudly that he is in all ways a much greater thinker than Benjamin Franklin or even da Vinci.
All I can do now at this late stage in my life is pray to God for my kids and grands along with the rest of the nation for his will to be done!!!
The demonic posession is right out in the open led by the Demonicrat Lieberulers!!!
You can see it by how ruthless, relentless, remorseless and intolerant they are becoming more and more on a hockey stick graph like the one they fraudulently use to deceive on man-made globular worming!!!
I guess that is the answer quit working or work for nothing.
If we were prepared to fight, we would fight. For it is better to risk life and limb for freedom than to suffer for eternity under such a tyranny.
Go to hell Obama, I can’t help but feel in my heart a desire that someone sends him off on his way sooner rather than later.
I know theses are not words that should be freely spoken in a land where free speech is but a fiction on such things. But I can no longer remain silent upon upon the sentiment of my heart regarding this particular tyrant.
Should someone finally knock him off, I will not shed a tear. I am all out of tears from the fall of my once free country.
And when it becomes a copy of the British system it’s going to be funny listening to the crying of healthcare workers who supported AHC and voted for _____.
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