Taxpayer guide to Obamacare
September 9th, 2013
07:29 AM ET
1 year ago

Taxpayer guide to Obamacare

New York (CNNMoney) - The Affordable Care Act adds or amends more than 40 provisions of the U.S. tax code.

For the IRS, of course, that means more work.

For individuals and businesses, Obamacare means both new taxes and new tax breaks.

A bunch are intended strictly to raise revenue - for instance, a new tax on medical device makers. But others are designed to encourage certain behaviors, such as the mandate that individuals buy insurance or pay a penalty.

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Filed under: Health care
soundoff (10 Responses)
  1. jpmichigan

    The Affortable CARE

    The Affordable Care Act is but a tax deemed by the Supreme court. So, why are Americans surprised that they will pay high premium and /or penalties. The problems is that ALL poor Americans will not be covered, there will still be millions without coverage.

    September 9, 2013 07:44 am at 7:44 am |
  2. Ngoc-V-Le/Le-Roy

    TO THE OFFICE WHITE HOUSE WASHINGTON DC. TOTHE PRESIDENT.DEAR: MR PRESIDENT BARACK OBAMA.WE NEED ASSOCIATED, COMMUNITY,TAXPAYED. REFORM. THAT IS HEALTHCARE: REFOM TO BE GOOD IN THE FUTURE! DEAR: MR PRESIDENT WE NEED STOP SOME THING BAD DON'T LET U-S TO BE WITH A PLOT..SINCERLY.

    September 9, 2013 08:07 am at 8:07 am |
  3. Gurgyl

    First nation and it's implementation of health care, and not worry for middle east not Syria. No wars.

    September 9, 2013 08:19 am at 8:19 am |
  4. onlyfacts

    You are mandated by the government to put a portion of your earnings in a Social Security Fund. You are mandated by the fed government to put a portion of your earnings toward Medicare. You are mandated by the govt to pay taxes (which can fluctuate). You are forced by your govt to purchase car insurance or their will be a penalty. You are forced by your govt to smoke your cigarette outside. Thousands of uninsured Americans per year use emergency rooms to get medical attention that is paid by your taxes. For years you have HATED these people that you call moochers. Are you aware that these people now have to get insurance? They can go thru insurance providers that are part of the new exchange. The govt is not a provider now but an organizer of existing providers. Shouldnt you be happy? Or have you been getting the wrong "facts"?

    September 9, 2013 08:33 am at 8:33 am |
  5. Southeast

    We should'nt be penalized for something we don't want.

    September 9, 2013 08:36 am at 8:36 am |
  6. Data Driven

    "High-income taxpayers, for instance, may come to really appreciate their accountants when it comes to figuring out whether a new Medicare tax applies to a portion of their capital gains and dividends."

    Oh dear. Why is life just so full of trouble and distress?

    If you can afford an account to manage your personal finances, I'm not really convinced that an Obamacare tax on your capital gains is a particular difficulty for you.

    September 9, 2013 09:01 am at 9:01 am |
  7. Data Driven

    "accountANT", I meant.

    September 9, 2013 09:01 am at 9:01 am |
  8. Gunderson

    Oh, Me.
    More Tax Rules. Old Gunderson no worry, no have no job, thanks to Putin Care. Whoopee!

    September 9, 2013 09:26 am at 9:26 am |
  9. Rick McDaniel

    Moe robbing the rich, to give to the poor, is what it amounts to.

    September 9, 2013 09:32 am at 9:32 am |
  10. onlyfacts

    If you hate people who use your tax dollars to pay for their medical care, you should be happy to know that they will have to get insurance (mandate). If YOU feel you are a responsible adult and already have medical insurance then this mandate doesn't affect you and you've made it clear you hate moochers, so why do you care that these moochers are being forced to buy insurance? You were never concerned about them before? AND, now that more people will be buying insurance from your provider, YOUR premiums will go down. ACA has put a stop to providers charging excessively. These are facts! Turn off Fox "news" and learn something!

    September 9, 2013 09:55 am at 9:55 am |