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2014 = $95 per person per year or 1% of your Income
2015 = $325 per person per year or 2% of your Income
2016 = $695 per person per year or 2.5% of your Income
2017 = Tax Penalty will increase by the rate of inflation going forward, or 2.5% of your Income
2017 adjusted for inflation? But when the government started the AMT the tax meant to tax so called rich people they didn't include an adjustment for inflation meaning it creeps down the income ladder and middle class is now considered rich. Thank god for the dems allowing you to keep the Bush tax cuts.
Middle class, never think you will never be in the bullseye, it looks like as time goes on you will be right in the center of it.
And if you have no refund, they WILL come after your assets. You would have to be really dumb to think they won't. Do you actually think they will just ignore the fact that after a few years of not paying the fine or having a refund for them to take you will owe them a serious amount of money? Not in a million years, they will take your earnings or your property.
I am hoping the IRS does precisely that. I intentionally canceled my Blue Cross/Blue Shield policy effective October 1, 2013, and I will not obtain health care insurance from any source. Nor will I provide the IRS with any information concerning my health care insurance coverage. I am a sole-proprietor, which means I file my taxes quarterly and I have not had a refund in more than 25 years.
I want the IRS to assess a fine/tax/penalty against me for not buying health care insurance. It is the only way I can get standing in the courts. Once IRS has assessed a fine/tax/penalty against me, without the benefit of a trial, I can sue the federal government for violating Article I, Section 9, Clause 2 of the US Constitution that specifically prohibits "bills of attainder."
The Affordable Health Care Act of 2010 violates the US Constitution by depriving all those assessed a fine/tax/penalty from "due process."
I'm not sure what I'm going to do right now. I received a notice from Kaiser Health Care stating that my plan will no longer be available in January. I pay $398 a month for my wife and I right now. To get the same coverage my cost will go up to $927 a month with a deductible that is almost tripled. This is insane!
I still stand by my original point that Obamacare gives the government full permission to impose a heavy tax burden on the middle class. $95 is manageable. Put $600 or more in just a few years? I can imagine there will be a lot of angry young people out there.
I'm not sure what I'm going to do right now. I received a notice from Kaiser Health Care stating that my plan will no longer be available in January. I pay $398 a month for my wife and I right now. To get the same coverage my cost will go up to $927 a month with a deductible that is almost tripled. This is insane!
That is the cost of being forced to pay for people who should never have been insured in the first place.
1. The IRS has virtually no way to collect the fine. The IRS was intentionally barred from using normal collection methods.
2. It's not possible for the fine to reach $4K anytime in the foreseeable future for your friend.
3. The fine is limited to 2.5% of your MAGI, that is the MAX.
4. 2.5% of $55K is $1375.
The IRS cannot go AFTER anyone. What they can do: if you are getting a refund they can deduct it from your refund. If the fine exceeds the refund, the IRS will send a bill. At that point (as of now that is) they cannot go after anyone who doesn't pay the bill. It is a bill to be paid, not income tax owed. More than likely that legislation will change when the penalties mount up and IRS becomes a bill collector and allowed to go after your pay check, your bank account, enforce liens.
Interesting - this link mentions those that are exempt from fines.
I still stand by my original point that Obamacare gives the government full permission to impose a heavy tax burden on the middle class. $95 is manageable. Put $600 or more in just a few years? I can imagine there will be a lot of angry young people out there.
Probably, but not because of the individual mandate and associated taxes. My taxes were $4000 higher this year because I didn't marry my girlfriend; that's a heck of a lot more than $695.
The IRS cannot go AFTER anyone. What they can do: if you are getting a refund they can deduct it from your refund. If the fine exceeds the refund, the IRS will send a bill. At that point (as of now that is) they cannot go after anyone who doesn't pay the bill. It is a bill to be paid, not income tax owed. More than likely that legislation will change when the penalties mount up and IRS becomes a bill collector and allowed to go after your pay check, your bank account, enforce liens.
Interesting - this link mentions those that are exempt from fines.
Do you want to live with knowing that the IRS says you owe them money? I don't.
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