Just the Facts: Obamacare Taxes
Tax Credits under Obamacare were an estimated $40 billion in 2016 according to the CBO(1). Obamacare is not bankrupting this country. In fact, look at what's #1 on the list. Yes, the taxes you don't pay when you buy Health Insurance at work cost are actually the government $329 billion. I am not suggesting health insurance premiums at work become taxable like the individual marketplace. Just simply providing facts.
Individiuals and Families
The Tax penalty for not having insurance is either 2.5% of household income or $695 per adult and $347.5 per child, whichever is greater. The maximum fine is capped at the national average premium for bronze level insurance plans for single individuals. In 2016 the cap was $2,676.
The Tax penalty is divided by 12 for each month you're uninsured. So, for someone uninsured for 6 months out of the year, the penalty would be half of what's calculated above. In addition, the penalty applies only if an individual is uninsured for 3 consecutive months.
Households making under 400% of the national poverty level may be eligible for financial assistance in the form of an Advanced Premium Tax Credit (APTC).
To get an estimate of how much of a premium tax credit click the image below.
To receive a health insurance quote with tax credits calculated for you, click #GetCovered