The impending economic collapse of America

[SlugSlinger]

Since the ACA was shoved up our ass your choice is this. Comply or get fined. So there is no choice between buying fun stuff and eating out. You will either buy insurance or get a tax fine. Im disappointed the mean ol government is making ppl choose between fun stuff n eating out and buying a useful product.

As usual, you completely missed the point. Since funds that were used for fun stuff is now mandated by Obama to be spent on higher priced insurance, the economy is going to tank, along with a lot of jobs that are associated to the fun stuff that were once purchased.

 

[pak-40]

From what I've heard......no actual knowledge.

Isn't the penalty only something like $90-95 if you don't sign up?
If so, that would tend to make me believe a lot of folks just won't sign up and pay the penalty. Would be considerably cheaper.

With the effeciency of the IRS (and .gov in general?), how much you wanna bet that a lot of people with plans thru their employers will get "fined" the $95 bucks any way. How many of those people will actually fight it...or even notice the missing $95 when they get their tax returns? Even if they do decide to fight it, how many hours on the phone with the IRS is that going to take?

 

[cjjtulsa]

On top of that, as far as I've heard the IRS cannot put a lien on your property, nor can they add your fine to your taxes; their only way of collection is through taking it out of your tax refund. So, simple answer is to intentionally underpay every year, and only pay what you owe in underpayment in April. They'll never collect, except from those who don't know how to skirt the system, at least until they change that oversight.

Outside of all that, I see what SlugSlinger is saying: our premiums and (even worse) copays are going up, and that will drastically curb spending in many instances.

 

[SlugSlinger]

From what I've heard......no actual knowledge.

Isn't the penalty only something like $90-95 if you don't sign up?
If so, that would tend to make me believe a lot of folks just won't sign up and pay the penalty. Would be considerably cheaper.

It was posted in a different thread. The is a tiered penalty. It's start small the first year then goes up to over 2% of your income per adult if you don't assimilate.

 

[BikerHT]

In 2014, $95 is the bare minimum for 1 adult, or 1% of family income whichever is greater.
In 2015, $295 per adult or 2% of family income, whichever is greater.
In 2016 and beyond, $695 per adult or 2.5% of family income, whichever is greater.

Either way, I'm screwed. According to "statistics" I'm a top 5% wage earner in the US - and now I'm going to be forced to pay for maternity and pediatric coverages I certainly will never again need. It's just another form of distribution of wealth. Bastards! :finger:

This from the website - http://money.cnn.com/2013/08/13/news/economy/obamacare-penalty/

The penalties start relatively small, but ramp up within a few years. But there is a limit. They cannot exceed the national average premium for bronze coverage -- the cheapest plan tier -- in the state-based exchanges.

For 2014, the flat fee is $95 per adult and $47.50 per child, up to $285 per family. Or the penalty could be 1% of family income, if that results in a larger fine. (Income is defined as total income above the filing threshold, which is $10,000 for an individual and $20,000 for a family in 2013.)

So a person making $50,000 would be subject to a $400 penalty, while a couple earning that amount would each pay $300.

By 2016, the flat fees grow to $695 per adult and $347.50 per child or 2.5% of family income, whichever is greater. By then, the average premium for bronze coverage is expected to hit as much as $5,000 for an individual and $12,500 for a family.

 

[Old Fart]

But they only collect if you have a return right?
Which I haven't for like 15 years or more.

 

[Beau]

In 2014, $95 is the bare minimum for 1 adult, or 1% of family income whichever is greater.
In 2015, $295 per adult or 2% of family income, whichever is greater.
In 2016 and beyond, $695 per adult or 2.5% of family income, whichever is greater.

Either way, I'm screwed. According to "statistics" I'm a top 5% wage earner in the US - and now I'm going to be forced to pay for maternity and pediatric coverages I certainly will never again need. It's just another form of distribution of wealth. Bastards! :finger:

This from the website - http://money.cnn.com/2013/08/13/news/economy/obamacare-penalty/

The penalties start relatively small, but ramp up within a few years. But there is a limit. They cannot exceed the national average premium for bronze coverage -- the cheapest plan tier -- in the state-based exchanges.

For 2014, the flat fee is $95 per adult and $47.50 per child, up to $285 per family. Or the penalty could be 1% of family income, if that results in a larger fine. (Income is defined as total income above the filing threshold, which is $10,000 for an individual and $20,000 for a family in 2013.)

So a person making $50,000 would be subject to a $400 penalty, while a couple earning that amount would each pay $300.

By 2016, the flat fees grow to $695 per adult and $347.50 per child or 2.5% of family income, whichever is greater. By then, the average premium for bronze coverage is expected to hit as much as $5,000 for an individual and $12,500 for a family.

they can only take it from your tax return.

 

[BikerHT]

They say that now...that Congress didn't give the IRS authority to collect other than keeping ones tax return. But, we all know that can change in a heartbeat - and probably will.

 

[Old Fart]

I'm insured out the waazoo, I'm just looking at another way it won't work.
I suspect it's riddled with loopholes for the er....underprivileged.

 

[SMS]

they can only take it from your tax return.

True...but they can/will carry the debt over from year to year and add interest. So if you ever come up with a refund, they will collect.

As for "impending" collapse...impending has become as useless a word as tactical has. Lots of folks selling, and making money off of "the collapse".