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Money 101:
Personal Money Planning's Newsletter
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Howdy!
Since the last newsletter, there's been some news about the Affordable Health Care Act and the Supreme Court's decisions about it. I've added to the conversation just a bit in this newsletter, with a breakdown of the tax penalties for those who don't purchase health insurance.
As always, we've included links to my recent articles as well as some current information on the state of the markets in Money 101.
Have a great week!
-Gary |
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Gary's Soapbox
Medical Insurance Tax Penalties
The Supreme Court recently upheld the Affordable Health Care Act, so everybody is required to buy health insurance now. Right? Well, not exactly.
People who earn less than $9,500 are exempt from the requirement. Above those income levels, if you choose to not purchase health insurance you will be required to pay a tax based on your income level. Once the standard tax rates go into effect in 2016 (after the phase-in rate period starting in 2014), any person with taxable income between $9,500 and $37,000 would have to pay $695 in additional taxes to the IRS.
The tax penalty for uninsured people with higher incomes would be 2.5% of their taxable incomes. For example, somebody with $100,000 of taxable income would have to pay $2,250 in additional taxes, while a taxpayer with $200,000 of AGI would have to pay $4,700. Beyond that, the tax would equal the cost of a "bronze" health insurance plan at your state exchange--estimated by the Congressional Budget Office to cost between $4,500 to $5,000 per person, or $12,000 to $12,500 per family.
In other words, the tax equals the cost of health insurance for persons who earn more than $200,000, and is somewhat less costly than the health coverage would be for persons with lower incomes. As a result, we may see taxpayers simply decide to pay the tax rather than buy the (more expensive) coverage.
Source: http://finance.yahoo.com/blogs/daily-ticker/taxes-going-pay-pay-obamacare-145413745.html
Gary Silverman, CFP® |
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Gary's Latest Articles:
Times Record News
Home Sweet Home
Just because mortgage rates are super low doesn't mean you should automatically treat your house like a piggy bank. Read More...
Rolling With The Changes
Take a step back and look at the market changes and you'll find a gentle, calming slope, even if it feels like a roller coaster. Read More...
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Money 101:
July Monthly Market Monitor
 Recent Economic Data
The most recent Monthly Market Monitor includes charts and graphs showing recent economic developments worldwide. For additional information about the markets and investing, please take a look at the June 2012 review.
July 2012 Eaton Vance Monthly Market Monitor
June 2012 Review of Monthly Market Monitor
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Final Thoughts
Politics is the art of looking for trouble, finding it everywhere, diagnosing it incorrectly and applying the wrong remedies.
~Groucho Marx
Let us raise a standard to which the wise and honest can repair.
~George Washington
Sincerely,
Gary Silverman
Personal Money Planning |
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©2012 Personal Money Planning . All rights reserved by Personal Money Planning and content may not be reproduced, disseminated, or transferred in any form or by any means, except with the prior written permission of Personal Money Planning unless specifically noted. (Permission is not difficult to obtain.) The one exception is for downloading and printing information from this newsletter for general education by the original recipient.
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DISCLOSURE
This newsletter is produced by Gary Silverman, dba Personal Money Planning, a registered investment advisor located in Wichita Falls, Texas.
Information in this newsletter is believed to provide accurate and authoritative information in regards to the subject matter covered. However, the accuracy, timeliness, or applicability of the information is not guaranteed and is provided with the understanding that we are not rendering legal, accounting, tax, or other professional advice or services.
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