Midnight Marauder
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- Feb 28, 2009
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Ame®icano;1561180 said:H.R.3200PART 1--INDIVIDUAL RESPONSIBILITY
SEC. 401. TAX ON INDIVIDUALS WITHOUT ACCEPTABLE HEALTH CARE COVERAGE.
(a) In General- Subchapter A of chapter 1 of the Internal Revenue Code of 1986 is amended by adding at the end the following new part:CommentsClose CommentsPermalink
PART VIII--HEALTH CARE RELATED TAXES
subpart a. tax on individuals without acceptable health care coverage.
Subpart A--Tax on Individuals Without Acceptable Health Care Coverage
Sec. 59B. Tax on individuals without acceptable health care coverage.CommentsClose CommentsPermalink
SEC. 59B. TAX ON INDIVIDUALS WITHOUT ACCEPTABLE HEALTH CARE COVERAGE.
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(a) Tax Imposed- In the case of any individual who does not meet the requirements of subsection (d) at any time during the taxable year, there is hereby imposed a tax equal to 2.5 percent of the excess of-- ...
Baucus bill, page 32Excise Tax. The consequence for not maintaining insurance would be an excise tax. If a taxpayers MAGI is between 100-300 percent of FPL, the excise tax for failing to obtain coverage for an individual in a taxpayer unit (either as a taxpayer or an individual claimed as a dependent) is $750 per year. However, the maximum penalty for the taxpayer unit is $1,500. If a taxpayers MAGI is above 300 percent of FPL the penalty for failing to obtain coverage for an individual in a taxpayer unit (either as a taxpayer or as an individual claimed as a dependent) is $950 year. However, the maximum penalty amount a family above 300 percent of FPL would pay is $3,800.
The excise tax would apply for any period for which the individual is not covered by a health insurance plan with the minimum required benefit but would be prorated for partial years of noncompliance. The excise tax would be assessed through the tax code and applied as an additional amount of Federal tax owed. No excise tax will be assessed for individuals not maintaining health insurance for a period less than or equal to three months in the tax year. However, assessed excise taxes for those not insured for more than three months include the entire duration the individual was uninsured during the tax year.
Nope, it's not a tax.
But.... But..... But.....
OBAMA says it's NOT a tax! You just proved it IS a tax! He's LYING isn't he!