The Obamacare subsidy tax calculator can give you a preview of what the Affordable Care Act will cost your family in extra taxes.
As previously reported by The Inquisitr, Obamacare starts in 2014, but 54 percent of Americans oppose the implementation of the Affordable Care Act passed several years ago in 2010.
Even before Obamacare starts some doctors are stopping insurance coverage. One doctor claims this allows them to eliminate the insurance paperwork and improve both patient care and the bottom line.
Obamacare starts when in 2014 private health insurance becomes a requirement for all employed United States citizens. But in actuality a huge chunk of Obamacare has already been implemented in the form of taxes and organizational changes within the IRS, which will oversee Obamacare.
The Obamacare subsidies are likely to catch many families by surprise. If citizens who fill out the Affordable Care Act subsidies packet to reduce the cost of healthcare next year do not do so accurately, they could wind up owing Obamacare taxes.
But an Obamacare subsides tax calculator shows how much the middle class will be effected. Beginning in October 2013, middle class people under age 65 can apply for tax credit subsidies available through state-based exchanges.
As a writer/contractor I do not receive health insurance through my employer, nor can we afford health insurance any more, so I thought I’d check out how Obamacare will affect my family. Under the Affordable Care Act I would be expected to pay $2,967 for a Silver Plan in the state run exchange, which is about $250 in extra bills per month. As a comparison, in the past I used to pay $191.95 per month, which also included life insurance. But keep in mind these Obamacare subsidies are estimates that may go up or down in 2014.
One website was nice enough to plug in various income levels to found out what the Obamacare subsidies will cost the middle class in taxes:
$30,000 in income: Medicaid: cost ZIP
$38,000 in income: $16,032 tax credit,…Cost of health premium $1,734
$44,000 in income: $15,240 tax credit…..Cost of health premium $2,526
$88,000 in in come: $9,406 tax credit….Cost of health premium $8,360
$90,000 in income : $9,216 tax credit…Cost of health premium $8,550
$93,000in income: $8,931 tax credit…. Cost of health premium: $8,835
$94,000 in income: ZERO tax credit…. Cost of health premium: $17,766
Do you think the Obamacare subsidies are fair, or do you consider this a redistribution of wealth?