Source: http://theregularguybelieves.blogspot.com/2012/06/obamacares-big-lie.html
Timestamp: 2018-07-19 07:35:17
Document Index: 727148562

Matched Legal Cases: ['§5000', '§5000', '§18022', '§5000', '§5000', '§5000']

The Regular Guy Believes: Obamacare's Big Lie
Beginning in 2014, those who do not comply with themandate must make a "[s]hared responsibility payment" to the Federal Government. §5000A(b)(1). That payment,which the Act describes as a "penalty," is calculated as a percentage of household income, subject to a floor based on a specified dollar amount and a ceiling based on the average annual premium the individual would have to pay for qualifying private health insurance. §5000A(c). In 2016, for example, the penalty will be 2.5 percent of an individual’s household income, but no less than $695 and no more than the average yearly premium for insurance that covers 60 percent of the cost of 10 specified services (e.g., prescription drugs and hospitalization). Ibid.; 42 U. S. C. §18022. The Act provides that the penalty will be paid tothe Internal Revenue Service with an individual’s taxes, and "shall be assessed and collected in the same manner" as tax penalties, such as the penalty for claiming too large an income tax refund. 26 U. S. C. §5000A(g)(1). The Act, however, bars the IRS from using several of its normal enforcement tools, such as criminal prosecutions and levies. §5000A(g)(2). And some individuals who are subject to the mandate are nonetheless exempt from the penalty—for example, those with income below a certainthreshold and members of Indian tribes. §5000A(e).
So, if you make $50,000, you'd pay a maximum of $1,250 in tax penalties if you decided not to buy health insurance. If you are a young person making $20,000 a year or so, you'd pay a minimum of $695/yr.