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Old 02-01-2013, 07:38 AM  
petegz28 petegz28 is offline
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IRS: Cheapest Obamacare Plan Will Be $20,000 Per Family

(CNSNews.com) – 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
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Old 02-01-2013, 09:01 AM   #16
Direckshun Direckshun is offline
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Originally Posted by alpha_omega View Post
Just my opinion, but that schtick is getting old.
I agree. Pete's total reliance on Drudge is an old routine.
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Old 02-01-2013, 09:01 AM   #17
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Originally Posted by Silock View Post
Attacking the source doesn't change the argument. You know that.
In the interest of posting original sources, here is the link to the IRS paper detailing this massive tax increase:

http://www.irs.gov/PUP/newsroom/REG-148500-12%20FR.pdf
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Old 02-01-2013, 09:01 AM
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Old 02-01-2013, 09:02 AM   #18
Direckshun Direckshun is offline
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Originally Posted by Silock View Post
Attacking the source doesn't change the argument. You know that.
I'm pretty sure orange was criticized on this website for frequently linking to Huffington Post.

Yet I'm supposed to give two shits about CNS News.

Look, I'm sensitive to the issue of Obamacare, its strengths and its shortcomings. But I don't give two shits about CNS.
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Old 02-01-2013, 09:03 AM   #19
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Originally Posted by Direckshun View Post
I agree. Pete's total reliance on Drudge is an old routine.
As opposed to your reliance on every ****tarded, completely biased liberal communist site you can find? Seriously, **** you.
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Old 02-01-2013, 09:03 AM   #20
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Originally Posted by frazod View Post
As opposed to your reliance on every ****tarded, completely biased liberal communist site you can find? Seriously, **** you.
You are adorable.
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Old 02-01-2013, 09:04 AM   #21
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Originally Posted by Direckshun View Post
You are adorable.
And you're a festering pile of welfare-sucking shit.
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Old 02-01-2013, 09:05 AM   #22
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What a stunningly deceptive thread. Pete, you're a joke.
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Old 02-01-2013, 09:05 AM   #23
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Quote:
Originally Posted by Silock View Post
Attacking the source doesn't change the argument. You know that.
What's the argument?
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Old 02-01-2013, 09:07 AM   #24
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By the way, if you are in the situation where you have three kids and an income of $120,000, and don't purchase insurance from the market, you're irresponsible. I would penalize you more than the $2400 you would be penalized.
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Old 02-01-2013, 09:08 AM   #25
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And you're a festering pile of welfare-sucking shit.
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Old 02-01-2013, 09:11 AM   #26
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Also....are they really going to call it "Bronze, Silver, Gold, Platinum?" sounds more like a car-care package.
It's good to have for people like pete and frazod who have the literacy levels of a 6th grade almost-made-the-honor-roll-student.
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Old 02-01-2013, 09:13 AM   #27
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It's good to have for people like pete and frazod who have the literacy levels of a 6th grade almost-made-the-honor-roll-student.
Nice to see your swelling still hasn't receded.
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Old 02-01-2013, 09:15 AM   #28
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Originally Posted by frazod View Post
Nice to see your swelling still hasn't receded.
I want to see you try to explain the opening post in three sentences.
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Old 02-01-2013, 09:16 AM   #29
petegz28 petegz28 is offline
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So where was this when you started a thread about a story that was on Drudege the other day, douchebag?
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Old 02-01-2013, 09:17 AM   #30
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Originally Posted by La literatura View Post
I want to see you try to explain the opening post in three sentences.
I'm sorry if you don't understand the subject matter, sweetheart, but I already have enough little snot-nosed puppy lawyers to think for without adding another one.
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