Revised Tax Reform Law Will Eliminate Mandatory Health Insurance

Bloomberg has reported on what is believed to be the revised draft from the House and Senate to be voted on this week. One of the key provisions is elimination of the tax penalty for not having health insurance dictated by ACA. Or what I feel could be accurately called, an "existence tax" as it is a tax for not paying thugs to not look after your health. Insurance are like bookies. Quick to take your bets, but may hesitate to pay out. Except insurance is even worse, because they will try to find any which way to get out of paying anything, and therefore their goal is to take as much of your money as they can and return as little as possible. We all must call our reps and demand they vote yes on this reform next week !

Bloomberg News
December 15, 2017, 11:20 AM EST
Obamacare Individual Mandate

Current law: An individual who fails to buy health insurance must pay penalties of $695 (higher for families) or 2.5 percent of their household income -- whichever is higher, but capped at the national average cost of the most basic, low-premium, high-deductible plan.

Proposed: Repeal the penalties.

Well, when this goes through, then the second of only two campaign promises that I was insistent on for my support is guaranteed and America wins again!

So lets make sure to let our guys know we want them to vote yes and eliminate the existence tax illegally levied upon us by treasonous traitors before them!

Other highlights of the revised bill:

Proposed: Reduce the threshold to 7.5 percent of AGI for the tax years 2017 and 2018.
Child Tax Credit

Current law: A $1,000 credit for each child under 17. The credit begins phasing out for couples earning more than $110,000. The credit is at least partially refundable to qualified taxpayers who earned more than $3,000.

Proposed: Double the credit to $2,000 and provide it for each child under 18 through 2024. Raise the phase-out amount to $500,000, and cap the refundable portion at $1,400 in 2018.

.......

Republican leaders plan to release a report at 5:30 p.m. on the final tax legislation that they’re preparing for votes next week, House Ways and Means Chairman Kevin Brady said.

Looking like quite a windfall there for working families. With generosity like this, how could the American people say no to tax reform?

a reply to: worldstarcountry

YAAAAAAAAAASS!! The mandate has got to go!!! MANY people voted for him SPECIFICALLY for this alone. How anyone could ever be against this is beyond me.

Nice. It should pretty much implode Obama Care.

originally posted by: worldstarcountry
Bloomberg has reported on what is believed to be the revised draft from the House and Senate to be voted on this week. One of the key provisions is elimination of the tax penalty for not having health insurance dictated by ACA. Or what I feel could be accurately called, an "existence tax" as it is a tax for not paying thugs to not look after your health. Insurance are like bookies. Quick to take your bets, but may hesitate to pay out. Except insurance is even worse, because they will try to find any which way to get out of paying anything, and therefore their goal is to take as much of your money as they can and return as little as possible. We all must call our reps and demand they vote yes on this reform next week !

Bloomberg News
December 15, 2017, 11:20 AM EST
Here are key changes to U.S. tax law for individuals and businesses that have emerged from the final Republican bill that’s headed for votes in the House and Senate next week.

Obamacare Individual Mandate

Current law: An individual who fails to buy health insurance must pay penalties of $695 (higher for families) or 2.5 percent of their household income -- whichever is higher, but capped at the national average cost of the most basic, low-premium, high-deductible plan.

Proposed: Repeal the penalties.

Well, when this goes through, then the second of only two campaign promises that I was insistent on for my support is guaranteed and America wins again!

So lets make sure to let our guys know we want them to vote yes and eliminate the existence tax illegally levied upon us by treasonous traitors before them!

Other highlights of the revised bill:

Medical Expense Deduction

Current law: Qualified medical expenses that exceed 10 percent of the taxpayer’s adjusted gross income are deductible.

Proposed: Reduce the threshold to 7.5 percent of AGI for the tax years 2017 and 2018.
Child Tax Credit

Current law: A $1,000 credit for each child under 17. The credit begins phasing out for couples earning more than $110,000. The credit is at least partially refundable to qualified taxpayers who earned more than $3,000.

Proposed: Double the credit to $2,000 and provide it for each child under 18 through 2024. Raise the phase-out amount to $500,000, and cap the refundable portion at $1,400 in 2018.

Compromise Tax Bill Report Due This Evening (2:07 p.m.)

Republican leaders plan to release a report at 5:30 p.m. on the final tax legislation that they’re preparing for votes next week, House Ways and Means Chairman Kevin Brady said.

Looking like quite a windfall there for working families. With generosity like this, how could the American people say no to tax reform?

Double win!

Yep, based on the current plans my tax bill of our family of 4 will be shaved by $3,000-$4,000. Could be better, but i'll take it. Now go cut more spending..

Insurance for me and my wife would of cost 600 per month.

I refuse to pay that.

I'm hoping that this paves the way for single payer.

a reply to: FauxMulder

Yeah, and without a replacement. Great.

originally posted by: FauxMulder
Nice. It should pretty much implode Obama Care.

Not that many people paid the penalty. Also not many people bought Obamacare due to the threat of that penalty.

That being said, Obamacare is teetering towards crashing anyway. So it will not take much to finish it off. Especially if the ObamaCare insurance company bailout bill is killed.

originally posted by: MiddleInsite
a reply to: FauxMulder

Yeah, and without a replacement. Great.

We don't need Obamacare to have insurance. You can buy insurance or get it from your job just like before. Stop being overly dramatic.

a reply to: MiddleInsite

The replacement is the same as it was before ACA.

It was called "Insurance ".

You work and pay for it if you want it. Like a home or car.

a reply to: worldstarcountry

Isn’t all tax an existence tax??

If you don’t pay any other tax armed thugs show up and throw you in a concrete box.


You are right about insurance companies though..they are parasites and we should have went single payer decades ago..

only, I do believe that the insurance companies will still be obligated to insure the preexisting conditions... bet they are just a tad bit irked about that...

but here's something I am sure the guys will just love...

for anyone who is ordered to pay alimony before the first of 2018, you get a tax deduction for it, whoever you end up paying it to, well they have to include it one their taxes as income.
which means since the lower wage earner gets the tax bill for it, uncle same probably gets less money...

only starting next year, if you end up being ordered to pay alimony, you don't get the deduction.

originally posted by: grey580
Insurance for me and my wife would of cost 600 per month.

I refuse to pay that.

I'm hoping that this paves the way for single payer.

What do you think think your tax bill will be with single payer??? You will pay for single payer whether you need it or want it...

a reply to: Zeta Reticuli

Because they want a single payer option and to eliminate the parasites that are insurance companies..

Every other modern country on the planet has mainly stopped using them and EVERYONE has cheaper healthcare..

It cost 4 times as much to break your leg in the US as it does in any other modern country...

a reply to: Iscool

I'd rather my money go to that than spending over a 2 billion + a day dropping bombs on people in the middle east.

maybe if we cut back on war we could afford healthcare.