Agency employs Orwellian term “Shared Responsibility Payment” to describe Obamacare individual mandate tax.
John Kartch
Americans for Tax Reform
2/25/2014
President Obama’s Internal Revenue Service today quietly released a series of Obamacare “Health Care Tax Tips” warning Americans that they must obtain “qualifying” health insurance – as defined by the federal government – or face a “shared responsibility payment” when filing their tax returns in 2015. The term “shared responsibility payment” refers to the Obamacare individual mandate tax, one of at least seven tax hikes in the healthcare law that directly hit families making less than $250,000 per year…
…If you (or any of your dependents) do not maintain coverage and do not qualify for an exemption, you will need to make an individual shared responsibility payment with your return. In general, the payment amount is either a percentage of your household income or a flat dollar amount, whichever is greater. You will owe 1/12th of the annual payment for each month you (or your dependents) do not have coverage and are not exempt…
…Once fully phased in, the Obamacare individual mandate tax will rise steeply, to a maximum of 2.5 percent of Adjusted Gross Income or $2,085 – whichever is higher
Read the entire article at Americans for Tax Reform.
Update: ObamaCare may increase premiums for 11 million workers, report says (video)
…the higher rates are partly due to the health law’s requirement that premiums can no longer be based on a person’s age. That has sent premiums higher for younger workers, and lower for older ones.
The report found that 65 percent of small businesses would see a spike in insurance premiums and about 35 percent of small businesses would see lower rates for plans covering six million people, The Wall Street Journal reported…
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