J. Clarke wrote:
On 3/25/2010 1:13 PM, chaniarts wrote:
Ed Pawlowski wrote:
wrote
I understand that you can pay the IRS a fine instead of buying
insurance. The bill requires additional IRS operations to check if
all is covered and that all people are controlled on a monthly
basis. Look on the bright side: The bonus is the it doubles as a
simulus bill too, more IRS agent jobs are created.

In Massachusetts you have to pay a fine. Insurance for a young
healthy single person that would rather go without is about $5000 a
year and the fine is something like a few hundred bucks. Tough
choice.

i think the fine will start at 1% gross income or $95, whichever is
larger. it escalates to 4%/$500 in 2014.

The law is online, read it before you express opinions. It starts at
$95 in 2014, increases to 350 in 2015, and 750 in 2016. Those amounts
are per person with a cap of 3 times that amount for any given
taxpayer. Thus if you and your wife file a joint return and have a
kid it can be $2250. After that there is a cost of living adjustment
in subsequent years. There's nothing about 1 percent of gross income.

There is an exemption if one's "required contribution" is more than 8
percent of "household income" with the "required contribution" being
the premium on the cheapest "bronze plan".

well, blame it on my local newspaper, which i had assumed had read it.

http://www.azcentral.com/news/articl...-benefits.html

....the biggest tax increases will come in Medicare payroll taxes. Those take
two forms, both starting in 2013:
If the Senate passes the package of changes, the biggest tax increases will
come in Medicare payroll taxes. Those take two forms, both starting in 2013:

.. Single people earning more than $200,000 and couples starting at $250,000
will pay 0.9 percent more on their wages and self-employment income.

.. For people at those income levels, all their investment earnings will be
taxed 3.8 percent, marking the first time the hospital-insurance tax has hit
non-wage income.

The other major tax increase under the law hits the most generous
health-insurance plans. Those don't apply only to upper-income people. State
and local employees and other union workers have won excellent health
coverage in recent years rather than big pay increases.

Starting in 2018, family insurance plans valued at more than $27,500 would
pay a 40 percent tax above that level.

....

Beginning in 2014, young adults will be required to purchase insurance or
face tax penalties. Those will be phased in, reaching $695 per year by 2016
for an individual or 2.5 percent of household income, whichever is larger.
Young adults will be eligible for subsidies, though, if they meet income.