1. Individual Mandate Excise Tax(Jan 2014): Starting in 2014, anyone not buying “qualifying” health insurance must pay an income surtax according to the higher of the following
1 Adult
|
2 Adults
|
3+ Adults
| |
2014
|
1% AGI/$95
|
1% AGI/$190
|
1% AGI/$285
|
2015
|
2% AGI/$325
|
2% AGI/$650
|
2% AGI/$975
|
2016 +
|
2.5% AGI/$695
|
2.5% AGI/$1390
|
2.5% AGI/$2085
|
Exemptions for religious objectors, undocumented immigrants, prisoners, those earning less than the poverty line, members of Indian tribes, and hardship cases (determined by HHS)
2. Employer Mandate Tax(Jan 2014): If an employer does not offer health coverage, and at least one employee qualifies for a health tax credit, the employer must pay an additional non-deductible tax of $2000 for all full-time employees. This provision applies to all employers with 50 or more employees. If any employee actually receives coverage through the exchange, the penalty on the employer for that employee rises to $3000. If the employer requires a waiting period to enroll in coverage of 30-60 days, there is a $400 tax per employee ($600 if the period is 60 days or longer).
Combined score of individual and employer mandate tax penalty: $65 billion/10 years
3. Surtax on Investment Income ($123 billion/Jan. 2013): This increase involves the creation of a new, 3.8 percent surtax on investment income earned in households making at least $250,000 ($200,000 single). This would result in the following top tax rates on investment income
Capital Gains
|
Dividends
|
Other*
| |
2010-2012
|
15%
|
15%
|
35%
|
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