Rules for Obamacare Mandate Tax Issued by IRS & HHS
Posted by FactReal on January 31, 2013
|On Wednesday, the Internal Revenue Service (IRS), the Treasury Department, and Health and Human Services Department (HHS) issued regulations on Obamacare’s individual mandate, which requires nearly all taxpayers without it to purchase health insurance next year.
The Hill reported yesterday:
The Obama administration took new steps Wednesday toward implementing the individual mandate in its signature healthcare law, downplaying the scope of the unpopular provision … The mandate requires most taxpayers to either buy insurance or pay a fine to the IRS. It’s one of the most politically unpopular provisions of the healthcare law, and was at the core of last year’s historic Supreme Court case over the healthcare law.
HHS referred to the politically charged provision as a system of “shared responsibility” payments.
The mandate penalty “applies only to the limited group of taxpayers who choose to spend a substantial period of time without coverage despite having ready access to affordable coverage,” HHS said in a fact sheet on the new rules.
In 2014, people who choose not to buy insurance and don’t quality for an exemption from the mandate will have to pay a fine of $95. The penalty increases to $695 by 2016, and then rises annually based on a pre-determined formula.
Gateway Pundit remind us:
The Congressional Budget Office determined in 2012 that millions of Americans will get socked by the Obamacare mandate tax, 80 percent of whom are middle income citizens.
Info via the Obama administration:
Obamacare regulations (Issued on Wednesday, January 30, 2013)
HHS rule (Filed 01/30/2013)
IRS rule (Filed 01/30/2013)
Health Insurance Marketplace
Obamacare (Affordable Care Act)