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Just the Facts: Obamacare Taxes

What don't you see on this list?

Tax Credits under Obamacare were an estimated $40 billion in 2016 according to the CBO(1). Obamacare is not bankrupting this country, as it would rank 7th on this list. In fact, look at what's #1 on the list. Yes, the taxes you don't pay when you buy Health Insurance at work at $329 billion per year.

Individuals and Families: With the passage of the Tax Cut & Jobs Act in 2017, the Tax Penalty for not having insurance was reduced to $0. (Updated 2019)

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.

Penalty Calculator:

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).

Federal Poverty Level Guideline

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


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