IRS Announces Roberts/ObamaCare to cost average family $20k yr - Corvette Forum : DigitalCorvettes.com Corvette Forums
 
 
Go Back   Corvette Forum : DigitalCorvettes.com Corvette Forums > Other Discussions/Topics > News Room
Register Forums Garage Garage Mark Forums Read Auto EscrowInsurance

Notices

News Room This section is for discussing current events.

Shops/Tuners
Custom Image Corvettes
A&A Corvette
Corvette tuner

Interior
Corvette aftermarket products

Insurance

Parts & Products
Race Ramps
Edelbrock
ATI/Procharger
Corvetteguys.com
Melrose Motorsports
Parts Taxi
Airaid
Mid America Motorworks
Pfadt Racing
Madvette Motorsports
Hi-tech Custom Concepts
Corvette aftermarket products
Corvette Garage
Corvette Parts and Accessories
Corvette Car Care Products
Corvette HID
Mid America Motoroworks

Tracks/Schools
Bob Bondurant School of High Performance Driving
Corvette driving school

Wheels/Tires
Cray Wheels

Services
BADWERKS.com
Reply
 
Thread Tools
Old 02-01-2013, 05:46 AM   #1
Vette_Newb
The Copy/Paste King
 
Vette_Newb's Avatar
 
Posts: 25,865
Member #6180
Member since: Dec 2003
Location: In The Sticks

My Corvette(s)
1989 L98 Coupe

Thanks: 419
Thanked 368 Times in 289 Posts
IRS Announces Roberts/ObamaCare to cost average family $20k yr

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 a family 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 examples point to families of four and families of five, both of which the IRS expects in its assumptions to pay a minimum of $20,000 per year for a bronze 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).”

http://cnsnews.com/news/article/irs-...e-20000-family
Vette_Newb is online now   Reply w/quote Quick reply to this message
Fascism is a religion of the state. It assumes the organic unity of the body politic and longs for a national leader attuned to the will of the people. It is totalitarian in that it views everything as political and holds that any action by the state is justified to achieve the common good. It takes responsibility for all aspects of life, including our health and well-being, and seeks to impose uniformity of thought and action, whether by force or through regulation and social pressure. Everything, including economy and religion, must be aligned with its objectives.
Sponsored Links
Advertisement
 
Old 02-01-2013, 05:55 AM   #2
C6 CRUZR
DC Crew
 
C6 CRUZR's Avatar
 
Posts: 508
Member #119297
Member since: Jul 2012
Location: United States - Ohio

My Corvette(s)
2005 Corvette Convertible

Thanks: 3
Thanked 52 Times in 35 Posts
When ObamaCare was ram-rodded through
and I saw that it would not be actually available until
after the election, I laughed my ass off.
If the cost details of this had been revealed
before the election, Romney would now
be president.
C6 CRUZR is online now   Reply w/quote Quick reply to this message
The Obamacare Health Exchanges Are Now Open In All 57 States -
Old 02-01-2013, 06:38 AM   #3
Texdentist
 
Texdentist's Avatar
 
Posts: 18,451
Member #76657
Member since: Oct 2008
Location: Crowley, TX

My Corvette(s)
2013 Coupe, 2009 Coupe - traded, '74 Coupe totalled, '77 Coupe sold

Thanks: 44
Thanked 521 Times in 376 Posts
Quote:
Originally Posted by C6 CRUZR View Post
When ObamaCare was ram-rodded through
and I saw that it would not be actually available until
after the election, I laughed my ass off.
If the cost details of this had been revealed
before the election, Romney would now
be president.
I doubt it. We have pretty much reached the magic 51% "takers" mark where no one cares about bad policy. They only care about their check. Enforcement of this bill will be weak, at least in the beginning, and few will pay the penalty. But the checks will keep rolling as long as a Democrat is in charge.
Texdentist is online now   Reply w/quote Quick reply to this message
Old 02-01-2013, 07:02 AM   #4
C6 CRUZR
DC Crew
 
C6 CRUZR's Avatar
 
Posts: 508
Member #119297
Member since: Jul 2012
Location: United States - Ohio

My Corvette(s)
2005 Corvette Convertible

Thanks: 3
Thanked 52 Times in 35 Posts
Quote:
Originally Posted by Texdentist View Post
I doubt it. We have pretty much reached the magic 51% "takers" mark where no one cares about bad policy. They only care about their check. Enforcement of this bill will be weak, at least in the beginning, and few will pay the penalty. But the checks will keep rolling as long as a Democrat is in charge.
I'm not so sure about that but I could be wrong.
As you indicated yesterday, you vote based on your
pocket book. The information I posted
yesterday indicates that those making $50,000 and up
a year do the same.
I suspect that those making $30,000 to $50,000
thought this was going to be a gift for them
and obviously it won't. We won't know for sure
until a couple more years but if it turns out
the way I think it will, this is going to be an
achilles heal for the democrats.

I can almost hear the speech Obama will give
in a couple years -

"When we passed the affordable care act, we based
the cost on on factors as we saw them at the time.
Obviously things change and when you are trying
to initiate a new program, there are going to
be some hiccups. I'm sure we can make this
work but we need the wealthy of this country
to help burden more of the costs. I am putting
together a "special commission" to study the costs
and they will make recommendations to
"streamline" this program to make it more
affordable for everyone."
Thank You & God bless the U.S.S.A.


C6 CRUZR is online now   Reply w/quote Quick reply to this message
The Obamacare Health Exchanges Are Now Open In All 57 States -
Old 02-01-2013, 07:28 AM   #5
blckslvr79
 
blckslvr79's Avatar
 
Posts: 18,679
Member #67576
Member since: Nov 2007
Location: Schererville, IN

My Corvette(s)
1979 L82 4speed

Thanks: 744
Thanked 246 Times in 206 Posts
Quote:
Originally Posted by C6 CRUZR View Post

"When we passed the affordable care act,
I laughed as soon as I heard the politically aportioned name.

"Affordable Care Act". Any body with common sense knew at that point we were going to get fucked.

About as honest as "Ted Kennedy's Cab service for Single Ladies"....
blckslvr79 is online now   Reply w/quote Quick reply to this message
I'm taking care of my procrastination issues, just you wait and see.
Old 02-01-2013, 07:45 AM   #6
C6 CRUZR
DC Crew
 
C6 CRUZR's Avatar
 
Posts: 508
Member #119297
Member since: Jul 2012
Location: United States - Ohio

My Corvette(s)
2005 Corvette Convertible

Thanks: 3
Thanked 52 Times in 35 Posts
Quote:
Originally Posted by blckslvr79 View Post
I laughed as soon as I heard the politically aportioned name.

"Affordable Care Act". Any body with common sense knew at that point we were going to get fucked.

About as honest as "Ted Kennedy's Cab service for Single Ladies"....
I am reminded of one of Ronald Reagan's best one
liners.

"The nine most terrifying words in the
English language are,
'I'm from the government and I'm here to help."
C6 CRUZR is online now   Reply w/quote Quick reply to this message
The Obamacare Health Exchanges Are Now Open In All 57 States -
Old 02-01-2013, 08:05 AM   #7
grumpyvette
DC Pit Crew
 
grumpyvette's Avatar
 
Posts: 7,265
Member #1106
Member since: Jun 2003
Location: lox fla

My Corvette(s)
retired engineer, engine builder, racer 1985.1992.1996 cpes

Thanks: 2
Thanked 199 Times in 125 Posts
http://cnsnews.com/news/article/irs-...e-20000-family

MINIMUM 20K per family per year estimates are hardly surprising as cost increases like these have ALWAYS been the result of government controls under socialism. remember the costs are not equally shared those WHO ARE PAYING FOR THE SYSTEM TO WORK<are supporting vast numbers who pay little or NOTHING
THE SOCIALISTS ALWAYS PROMISE FREE STUFF TO GET THE STUPID AND UN-INFORMED MASSES STALIN CALLED "USEFUL IDIOTS" TO TRADE FREEDOM, AND GAIN CONTROL, THEN ONLY AFTER< THEY GET THAT INCREASED CONTROL, DO YOU FIND OUT THE EXTENT YOUR SCREWED
ITS ALWAYS BEEN ABOUT INCREASED GOVERNMENT CONTROL AND WEALTH RE-DISTRIBUTION < NOT HEALTH CARE!
grumpyvette is online now   Reply w/quote Quick reply to this message
" IF YOU CAN,T SMOKE THE TIRES AT WILL,FROM A 60 MPH ROLLING START YOUR ENGINE NEEDS MORE WORK!!"
Old 02-01-2013, 08:07 AM   #8
ArKay99
 
ArKay99's Avatar
 
Posts: 10,334
Member #43955
Member since: Mar 2006
Location: Indian Rocks Beach, FL, USA

My Corvette(s)
1999 FRC - 2009 Z06

Thanks: 233
Thanked 373 Times in 244 Posts
Garage
When all this ObamaCare crap came up I instinctly knew what was going to happen...and it did. Even a RINO like Ben Stein articulated what I feel...




...sad...what a bunch of 'wankers'. Al Queda was right...
ArKay99 is offline   Reply w/quote Quick reply to this message
Extreme taxation, excessive controls, oppressive government competition with business, frustrated minorities and forgotten Americans are not the products of free enterprise. They are the residue of centralized bureaucracy, of government by a self-anointed elite. - Ronald Reagan
Old 02-01-2013, 08:10 AM   #9
blckslvr79
 
blckslvr79's Avatar
 
Posts: 18,679
Member #67576
Member since: Nov 2007
Location: Schererville, IN

My Corvette(s)
1979 L82 4speed

Thanks: 744
Thanked 246 Times in 206 Posts
Quote:
Originally Posted by ArKay99 View Post
Al Queda was right...
The U.S. will destroy itself from within.

blckslvr79 is online now   Reply w/quote Quick reply to this message
I'm taking care of my procrastination issues, just you wait and see.
Old 02-01-2013, 08:22 AM   #10
ArKay99
 
ArKay99's Avatar
 
Posts: 10,334
Member #43955
Member since: Mar 2006
Location: Indian Rocks Beach, FL, USA

My Corvette(s)
1999 FRC - 2009 Z06

Thanks: 233
Thanked 373 Times in 244 Posts
Garage
Quote:
Originally Posted by blckslvr79 View Post
The U.S. will destroy itself from within.

Come to think of it...That's why Obama went after Osama. Osama would've ruined ObamaCare.
ArKay99 is offline   Reply w/quote Quick reply to this message
Extreme taxation, excessive controls, oppressive government competition with business, frustrated minorities and forgotten Americans are not the products of free enterprise. They are the residue of centralized bureaucracy, of government by a self-anointed elite. - Ronald Reagan
Old 02-01-2013, 09:12 AM   #11
ddregehr
DC Crew
 
ddregehr's Avatar
 
Posts: 1,162
Member #30032
Member since: Feb 2005
Location: SD

My Corvette(s)
50th Anniversary Corvette Convertible (sold); 2002 Corvette Convertible

Thanks: 4
Thanked 39 Times in 36 Posts
Let's be realistic. I have a family of 4 and my children are 7 & 10 years of age. My health insurance has a $1000 deductible per person and 80/20 till $4,500. It is from BC/BS and I pay $14,400 a year in premium. Last year my plan payed out $115,000 in medical expenses due to surgeries. My out of pocket expense for the year was $4,500 + $14,400 = $18,900.

Under this new plan, I would still be penalized because I do not have adequate health insurance because I have not met the IRS minimum of $20,000. I thought I got a great deal last year! Can a Democrat explain to me how this is beneficial to self-employed workers like myself?
ddregehr is online now   Reply w/quote Quick reply to this message
The Following User Says Thank You to ddregehr For This Useful Post:
Bill Davies (02-01-2013)
Old 02-01-2013, 10:05 AM   #12
Bill Davies
DC Crew
 
Bill Davies's Avatar
 
Posts: 857
Member #118694
Member since: Apr 2012
Location: Colorado Springs, CO

My Corvette(s)
1976

Thanks: 14
Thanked 22 Times in 19 Posts
Quote:
Originally Posted by ddregehr View Post
Let's be realistic. I have a family of 4 and my children are 7 & 10 years of age. My health insurance has a $1000 deductible per person and 80/20 till $4,500. It is from BC/BS and I pay $14,400 a year in premium. Last year my plan payed out $115,000 in medical expenses due to surgeries. My out of pocket expense for the year was $4,500 + $14,400 = $18,900.

Under this new plan, I would still be penalized because I do not have adequate health insurance because I have not met the IRS minimum of $20,000. I thought I got a great deal last year! Can a Democrat explain to me how this is beneficial to self-employed workers like myself?

The $20,000 was simply an estimate of what an average family plan will cost in 2016. I didn't find where it says you will be penalized if 2016 rolls around and you find a family plan that costs less than $20,000.
Bill Davies is offline   Reply w/quote Quick reply to this message
Old 02-01-2013, 10:14 AM   #13
Texdentist
 
Texdentist's Avatar
 
Posts: 18,451
Member #76657
Member since: Oct 2008
Location: Crowley, TX

My Corvette(s)
2013 Coupe, 2009 Coupe - traded, '74 Coupe totalled, '77 Coupe sold

Thanks: 44
Thanked 521 Times in 376 Posts
Quote:
Originally Posted by ddregehr View Post
Let's be realistic. I have a family of 4 and my children are 7 & 10 years of age. My health insurance has a $1000 deductible per person and 80/20 till $4,500. It is from BC/BS and I pay $14,400 a year in premium. Last year my plan payed out $115,000 in medical expenses due to surgeries. My out of pocket expense for the year was $4,500 + $14,400 = $18,900.

Under this new plan, I would still be penalized because I do not have adequate health insurance because I have not met the IRS minimum of $20,000. I thought I got a great deal last year! Can a Democrat explain to me how this is beneficial to self-employed workers like myself?
You used the magic words "self-employed" and "workers". The Dems don't give a rats ass about you if you fit either category unless you happen to pay union dues that get funneled straight to the Democratic Party. Then they care only enough to keep you happy enough to keep the funds flowing. I can't fathom why anyone who is not in a union or on the dole would vote for a Democrat. All they want to do is take what you have and give it to those two groups.
Texdentist is online now   Reply w/quote Quick reply to this message
Old 02-01-2013, 10:42 AM   #14
ddregehr
DC Crew
 
ddregehr's Avatar
 
Posts: 1,162
Member #30032
Member since: Feb 2005
Location: SD

My Corvette(s)
50th Anniversary Corvette Convertible (sold); 2002 Corvette Convertible

Thanks: 4
Thanked 39 Times in 36 Posts
Quote:
Originally Posted by Bill Davies View Post
The $20,000 was simply an estimate of what an average family plan will cost in 2016. I didn't find where it says you will be penalized if 2016 rolls around and you find a family plan that costs less than $20,000.
Go back and read. Estimate my ass. They set the price and I need to fork over what they feel is necessary. PERIOD! Why do you think the Affordable Care Plan included hiring 60,000 more IRS agents?????? To sit on their thumbs spinning???? They are going to TAX middle America to death so they can give more to the poor and get more for themselves. We are screwed!
ddregehr is online now   Reply w/quote Quick reply to this message
Old 02-01-2013, 10:59 AM   #15
Bill Davies
DC Crew
 
Bill Davies's Avatar
 
Posts: 857
Member #118694
Member since: Apr 2012
Location: Colorado Springs, CO

My Corvette(s)
1976

Thanks: 14
Thanked 22 Times in 19 Posts
Quote:
Originally Posted by ddregehr View Post
Go back and read. Estimate my ass. They set the price and I need to fork over what they feel is necessary. PERIOD! Why do you think the Affordable Care Plan included hiring 60,000 more IRS agents?????? To sit on their thumbs spinning???? They are going to TAX middle America to death so they can give more to the poor and get more for themselves. We are screwed!

The article states where the $20,000 number comes from...

Quote:
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.
Quote:
The IRS's assumption that the cheapest plan for a family 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.
Quote:
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.

And it says what the regulation is...

Quote:
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.

So again, the $20,000 estimate of what the average family insurance premium in 2016 might be is just that. An estimate that was used in examples to help people understand how to calculate the tax. Not a hard number that you have to pay for insurance, "or else" in 2016.
Bill Davies is offline   Reply w/quote Quick reply to this message
Sponsored Links
Advertisement
 
Reply

Quick Reply
Message:
Options

Register Now

In order to be able to post messages on the Corvette Forum : DigitalCorvettes.com Corvette Forums forums, you must first register.
Please enter your desired user name (12 CHARACTERS MAXIMUM), your email address and other required details in the form below.
User Name:
If you do not want to register, fill this field only and the name will be used as user name for your post.
Password
Please enter a password for your user account. Note that passwords are case-sensitive.
Password:
Confirm Password:
Email Address
Please enter a valid email address for yourself.
Email Address:

Log-in

Human Verification

In order to verify that you are a human and not a spam bot, please enter the answer into the following box below based on the instructions contained in the graphic.



Thread Tools

Posting Rules
You may post new threads
You may post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off

Forum Jump

Powered by vBadvanced CMPS v3.2.2

All times are GMT -6. The time now is 01:01 AM.




Powered by vBulletin® Copyright ©2000 - 2014, Jelsoft Enterprises Ltd.
Garage Plus vBulletin Plugins by Drive Thru Online, Inc.
© 2003-2011, DigitalCorvettes.com - All Rights Reserved