The new taxes
are complex and escalate depending upon a
person or familys income. They have basically three
tiers:
- Flat
fee: The first tier for lower income
taxpayers is fixed, starting at $95 for calendar year
2014 (the first year the mandate is effective), $325
in 2015, and $695 in 2016 and beyond. The total family
penalty is capped at 300% of this flat dollar tax
$2,085 in 2016 for those earning less than about
$110,000, according to the CRS.
-
Percentage of income: The next tier is based
upon a percentage of income: 1.0% in 2014, 2.0% in
2015, and 2.5% thereafter.
- Cost of
a basic health plan: However, as household
income increases, eventually the percentage tax will
rise to equal the cost of the national average premium
for a bronze-level health plan, where it is capped.
(The bronze plan is expected to be the least expensive
plan in the line-up of policies that will be offered
through the ObamaCare health insurance exchanges. The
Congressional Budget Office estimates that in 2016 the
cost of a bronze-level plan for a family would be
between $12,000 and $12,500 a year.)
Employer's will be taxed?
$2,000 per employee penalty on employers with more than
50 employees who do not offer health insurance to their
full-time workers (as amended by the reconciliation
bill). Full-time is defined as, with respect to any
month, an employee who is employed on average at least
30 hours of service per week.
What's all this talk about the "exchanges"?
(via tax
credit)
http://en.wikipedia.org/wiki/Patient_Protection_and_Affordable_Care_Act
To find out how big a
tax credit you can expect, use the
Kaiser Family Foundation calculator.
For those
who don't mind limiting their healthcare to "exchange
doctors" the
health care exchange (Marketplace) is what the
Affordable Care Act is all about.
To contact a
health insurance agent
in Naperville, Illinois call 866-284-7372
|