My Obamacare Taxes

[BLAZER PROPHET]

So, I was reading on how much Obamacare will cost me. As I make well under $200,000 per year and I don’t use flexible spending accounts… I only have to pay the 40% tax based on how much my employer pays on my behalf for healthcare insurance.

That comes to a new tax to me of $5,415.32 per year (based on current figures). That’s enough for me to lose my house. I simply don’t have that in the budget.

The good news is that I don’t have to start paying until 2018.

Taxed into bankruptcy- only in America.

 

[PapaG]

It's not a tax, though. Tell yourself that it's a penalty, and you'll feel better about it.

 

[BLAZER PROPHET]

It's not a tax, though. Tell yourself that it's a penalty, and you'll feel better about it.

It's both. It's a punitive tax.

I mean, think of it. We have people working here making $30,000 per year and they will have to pay the same amount (or more if they have kids). Tell the single mom that is my clerk that she will have to pay almost $5,500 or her $25,000 salary and she is bankrupt and maybe homeless. She'll have to discontinue her insurance and then gets the pleasure of being compelled under penalty of law to buy the National Healthcare Plan. Either way, she loses.

Truly, this will severely punish the low & middle income of the country.

 

[EL PRESIDENTE]

YOUR MATH IS OBVIOUSLY WORNG. YOU WILL RECEIVE FREE UNIVERSAL HEALTHCARE FOR ALL AMERICANS (AND ILLEGALS) AND NO ONE WILL BE BANKRUPT JUST BECAUSE THEY GET SICK.

 

[BLAZER PROPHET]

Another thought. We will file bankruptcy if this goes into effect. But what about my step sons? We've cosigned their student loans ($50K for one and about $30K for the other). I checked with one of our corporate attorneys and their student loans go into our bankruptcy and they lose their collateral for the loans. When that happens, they will have to either pay back the loans in full or refinance- if they are able. If not, they are plunged into bankruptcy as a result of mine.

So it's a possible 3 bankruptcies out of mine. How many other people are in the same boat? What effect will this have on the economy? What effect will it have on kids trying to get school loans as their parent(s) income drops by 8-15%? I'll feel terrible if my bankruptcy forces the boys into it all as well.

Do any of you lefties here have a solution?

 

[EL PRESIDENTE]

You're going to file BK for $500 a month?

 

[BLAZER PROPHET]

You're going to file BK for $500 a month?

We don't have $500 per month to lose in our budget. Maybe $150, but not $500. If we stopped all charitable contributions and halt the 401k we may be able to absorb it. But I'm not forfeiting my 401k for this crap.

 

[EL PRESIDENTE]

blah, just wait until it plays out and deal with it then.

 

[BLAZER PROPHET]

blah, just wait until it plays out and deal with it then.

Yeah, that's the plan. Hopefully it will be repealed or something so that millions of people don't end up bankrupt. I mean, the dems will not let that happen. Will they?

 

[EL PRESIDENTE]

who knows. if everyone gets screwed, there will be some kind of side scam to get around it like many people did with foreclosures and crap like that. milk it as best you can

 

[barfo]

Gosh, I hate to ruin your sky-is-falling party, but the tax on Cadillac health plans that you are referring to is a tax on the employer, not the employee.

And the expectation is that most employers will simply alter their plan to meet the standards, so that they no longer have to pay the tax.

Carry on.

barfo

 

[BLAZER PROPHET]

Gosh, I hate to ruin your sky-is-falling party, but the tax on Cadillac health plans that you are referring to is a tax on the employer, not the employee.

And the expectation is that most employers will simply alter their plan to meet the standards, so that they no longer have to pay the tax.

Carry on.

barfo

Are you sure? I read today it's a payroll tax and the employee pays it.

 

[Denny Crane]

If 30-40M people are going to be required to buy insurance, ObamaCare is a massive tax on the poor.

Obama/Biden 2012!

 

[EL PRESIDENTE]

the wealthy should just buy the insurance for the poor then?

 

[barfo]

Are you sure? I read today it's a payroll tax and the employee pays it.

Yes, I'm sure. From Section 9001 of the PPACA:

‘‘(c) LIABILITY TO PAY TAX.—
‘‘(1) IN GENERAL.—Each coverage provider shall pay the
tax imposed by subsection (a) on its applicable share of the
excess benefit with respect to an employee for any taxable
period.

barfo

 

[maxiep]

Don't worry, only the rich will pay: http://www.humanevents.com/2012/06/...-backs-of-those-making-less-than-120k-a-year/

 

[Masbee]

So, I was reading on how much Obamacare will cost me. As I make well under $200,000 per year and I don’t use flexible spending accounts… I only have to pay the 40% tax based on how much my employer pays on my behalf for healthcare insurance.

That comes to a new tax to me of $5,415.32 per year (based on current figures). That’s enough for me to lose my house. I simply don’t have that in the budget.

The good news is that I don’t have to start paying until 2018.

Taxed into bankruptcy- only in America.

You have a Gold Plated Health Plan?

Lucky you.

I haven't had one...... ever.

Always working for very small businesses, those kinds of health plans have been completely unafordable since the 1990's.

Welcome to today.

 

[maxiep]

How soon until employers dump health insurance and put their employees into the public option pool?

 

[BLAZER PROPHET]

Gosh, I hate to ruin your sky-is-falling party, but the tax on Cadillac health plans that you are referring to is a tax on the employer, not the employee.

And the expectation is that most employers will simply alter their plan to meet the standards, so that they no longer have to pay the tax.

Carry on.

barfo

I went to 3 non political websites and all state it is paid for by the employees.

 

[BLAZER PROPHET]

Yes, I'm sure. From Section 9001 of the PPACA:



barfo

Hmmm......, that seems clear enough.

 

[BLAZER PROPHET]

How soon until employers dump health insurance and put their employees into the public option pool?

It is projected that 80-100% of businesses under 50 people will do so and 30-40% of those above 50 employees.

 

[MARIS61]

How soon until employers dump health insurance and put their employees into the public option pool?

Just as soon as they can find enough stupid people to replace the mass exodus of their current employees.

 

[Denny Crane]

Just as soon as they can find enough stupid people to replace the mass exodus of their current employees.

Thanks to Obamanomics, the economy sucks so bad nobody would give up a halfway decent job.

 

[MARIS61]

BP, the non-existent tax you fear amounts to more than you would pay for full family coverage since it's subsidized by your employee. Any reputable financial adviser would point out the error in funding a 401k or student loans ahead of basic healthcare for your wife and children. Lack of healthcare is the #1 cause of personal bankruptcies in America. 1 illness in your family could easily cost you millions of dollars, which I assume you don't have in your 401k.

If you were correct though, bankruptcy would still not be an option for you since it the IRS will be the enforcing/collecting agency and all IRS debts are exempt from bankruptcy claims.

 

[BLAZER PROPHET]

BP, the non-existent tax you fear amounts to more than you would pay for full family coverage since it's subsidized by your employee. Any reputable financial adviser would point out the error in funding a 401k or student loans ahead of basic healthcare for your wife and children. Lack of healthcare is the #1 cause of personal bankruptcies in America. 1 illness in your family could easily cost you millions of dollars, which I assume you don't have in your 401k.

I do not disagree, but all this is befalling me after the fact. I'm trapped.

 

[SlyPokerDog]

Just claim that you're here illegally and all of your healthcare will be provided for you.

 

[blue32]

This shit is a joke...... f'n america....

 

[barfo]

I do not disagree, but all this is befalling me after the fact. I'm trapped.

You are trapped by a tax that you don't have to pay?

Hmm

barfo

 

[barfo]

I went to 3 non political websites and all state it is paid for by the employees.

One great thing about the web, the bullshit is unlimited in volume and scope.

To be fair, PPACA is pretty complicated. But lots of people have axes to grind on this subject, so there is a lot of deliberate misinformation out there.

barfo

 

[VanillaGorilla]

From what I understand, America sucks, has sucked for a long time, and will continue to suck.