How Obamacare Just Made Your Taxes Harder

Comment: How can you tell when something’s better and more affordable?  When they have to force you to buy it!

“In 2015, for example, annual premiums for “low-cost” bronze plans obtained through the law’s exchanges averaged $2,484 for individuals and $12,420 for families with three or more children. If you don’t think this pricier insurance is worth the cost, or simply can’t afford it, you’ll likely face tax penalties upon filing your return.”

“That’s bad news for millions already living paycheck-to-paycheck. The 2015 penalty—which is being assessed now—is $325 per adult and $162.50 per child, or 2% of household income, whichever is greater. The penalty increases in 2016 to $695 per adult and $347.50 per child, or 2.5% of household income, whichever is greater.”

“That is money many families just don’t have. According to December 2015 estimates from the Kaiser Family Foundation, the average household without compliant coverage faces $661 in tax penalties for 2015, rising to $969 for 2016. The penalties are even higher for those not eligible to receive premium subsidies under the law: $1,177 for 2015, rising to $1,450 this year. While some will be exempt, millions of families and individuals will be penalized for not purchasing health insurance they cannot afford.

How Obamacare Just Made Filing Your Taxes Worse
Nathan Nascimento 1:26 PM ET (accessed April 5, 2016)

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