• Tag Archives Obamacare
  • Millions Could Get Surprise Tax Bills Under ‘Obamacare’ If They Don’t Accurately Project Their Income

    Millions of people who take advantage of government subsidies to help buy health insurance next year could get stung by surprise tax bills if they don’t accurately project their income.

    President Barack Obama’s new health care law will offer subsidies to help people buy private health insurance on state-based exchanges, if they don’t already get coverage through their employers. The subsidies are based on income. The lower your income, the bigger the subsidy.

    But the government doesn’t know how much money you’re going to make next year. And when you apply for the subsidy, this fall, it won’t even know how much you’re making this year. So, unless you tell the government otherwise, it will rely on the best information it has: your 2012 tax return, filed this spring.

    What happens if you or your spouse gets a raise and your family income goes up in 2014? You could end up with a bigger subsidy than you are entitled to. If that happens, the law says you have to pay back at least part of the money when you file your tax return in the spring of 2015.

    That could result in smaller tax refunds or surprise tax bills for millions of middle-income families.

    Full article: http://washington.cb … roject-their-income/


  • Obamacare May Cost Small Business ‘Whiners’ 65% of Annual Profits

    The owners estimate that the cost of compliance would be $108,000 per year plus $10,000 in overhead to manage the plan. The cost of paying the fine for not offering insurance would be $130,000. So they have a choice between losing 64% or 65% of their annual profits.

    via Obamacare May Cost Small Business ‘Whiners’ 65% of Annual Profits


  • Congressional Report: Obamacare Leads to Skyrocketing Premiums, 200 Percent Possible

    An exhaustive study by three congressional committees delivers startling news about the dire effects of Obamacare: President Barack Obama’s signature legislation could increase health insurance premiums by over 200 percent and render insurance coverage unaffordable for millions of Americans.

    Broadly, the new report declares that Obamacare “breaks its core promise” to make healthcare coverage affordable.

    The report, “The Price of Obamacare’s Broken Promises,” was prepared by the House Committee on Energy and Commerce, Majority Staff; Senate Committee on Finance, Minority Staff; and Senate Committee on Health, Education, Labor and Pensions, Minority Staff.

    “Studies and analyses from the Congressional Budget Office, independent actuaries, state insurance commissioners, health plans, benefit consultants, and others have reached the same conclusion: Obamacare will significantly increase premiums,” the congressional report states.

    “Some estimates show some Americans facing startling premium increases of 203 percent because of the law.

    “Higher healthcare premiums are the last thing single young adults and working families can afford. Yet contrary to what the president promised, that is exactly what Obamacare is projected to do.”

    When Obamacare’s most costly requirements go into effect in 2014, households earning as little as $46,000 a year will receive no premium assistance, yet will be forced to accept “unaffordable” premium increases, according to the report.

    The Affordable Care Act will have an especially harsh impact on young Americans ages 21 to 29 — those with individual coverage will see their healthcare premium rise by an average of 189 percent.

    Full article: http://www.newsmax.c … 2013/03/20/id/495564