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).”
slavery
bump!
We are becoming the target of tyranny
Good thing this isn’t going to impact congress or muzzies.
nonsense.
You can start collecting luxury refrigerator boxes right now! Then you’ll always have a place to call home.
Couple of refrigerator boxes (1 per family member), a big tarp to cover them with .... you’ve got it made.
Ok. Here’s an example of the breaking news and I am being kind, “republicans refuse to pay for healthcare, a virtual death sentence for women and children without insurance.” (We got a preview of the outrage against Republicans for the delay in funding Sandy).
Too weak for here in tornado country.
I’m going with a shipping container, LOL.
Why should they be in a hurry to do this? All families who pay the $20,000 and even more for better plans will be be paying the freight for (subsidizing) those who pay no Federale income tax which is now a bit less than half the population and whom 85% are Obama voters. You can also call Obama care a reparations and wealth transfer scheme. 0-Care is in effect another taxation scheme in that money will be taken from the producers and given to the non-producers for their medical care
“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.
Pay $20,000, or pay $2,000? Hmmm....choices, choices.
Remember ... the Democrats came up with the idea to make turning someone away from a hospital illegal....
We tried to tell them that people would stop buying insurance and they laughed at us.
Then everyone stopped buying insurance and the costs started skyrocketing.
Now they come back and force everyone to buy insurance. All this BS because poiticians want their names on historic legislation ... the conseqeunces be damned.
Thanks for the kick in the seat! ;^)
“Wow! The revolution might start much sooner than I thought”
To add, one or all of the below things happen:
1. The 47% Taker-Class expects nothing but the best healthcare service (their fair share), don’t get it, have to wait for it and start civil unrest.
2. The Maker-Class goes Galt or a lessor version. Cash and barter for private medical treatment becomes the norm, forcing the Taker-Class into even longer waits for service, again making the system ripe for unrest.
3. Physicians, willing or unwilling to submit, will be conscripted for “the common good”. Sort of like the draft....forced labor will begin with the medical community.
4. Some combination of #1, #2 or #3.
IMHO, I think cash-only/barter only medical clinics will be springing up in international waters on hi-tech yachts....
The list, Ping
Let me know if you would like to be on or off the ping list
Put some wings on it and you’ll get free airfare ... and no TSA!
Be careful about the questions you ask, Comrade.
Don’t forget the flood of incoming Third World physicians who will work for pennies and be worth every one!
40% on health care, 30% on taxes....
Making everyone a criminal and ending all gun ownership through healthcare criminal prosecutions.
And if Americans think that this isn't intended, they have a Democrat mental disorder.
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