Obama Care Will Take Many Tax Returns From People. More so for low income and lower middle class people.
2012 Poverty Guidelines for the 48 contiguous states and district of Columbia.
person in family 1 poverty guidline $11,170
2 person…………. $15,130
3 person………….. $19.090
4 person………… $23,050
5 person………… $27,010
6 person………… $30,970
Households with incomes below 400 percent and above 133 percent of the federal poverty line (FPL) who are enrolled in insurance plans offered through the exchanges are eligible for premium assistance financed by the federal government (Medicaid will cover families with incomes below 133 percent of FPL).
Under 2012 guidelines if your single and make $11,170 dollars a year which comes out to $5.37 hour 40 hours a week multiply by 52 weeks. So, if your single and pay through an exchange you can make up to $14,856.10 a year and have the government or in real terms have other tax payers subsidize your monthly Obama care premium.
If your a family of 3 poverty level for 2012 is set at $19,090 dollars a year. Or if you make up to $25,389.70 or below you can have some of your healthcare premium subsidized. Many families in this group rely on a tax return each year to help them buy things and get caught up on bills. If you miss one monthly premium for your healthcare you just forfeited your tax return and will face the $790 some odd dollars penalty for not having healthcare. In other words your tax return is gone. $19,000 dollars a year is $9.13 dollars a hour.
If you get a lot of over time and go above the $25,389 dollars you will not get a subsidy and will pay the full monthly premium for Obama care. Working overtime will cost you money because if you go over the amount you will pay the full healthcare monthly premium. If you work more than 8 hours overtime a week you will go above the $25,389.70 dollars and be forced to pay the full Obama care premium. For those of you who rely on overtime for income good luck because it will be taken and given to the government to pay for someone else s healthcare.
You can bet on the Government to manipulate the the formula some time or another to make sure more people fall into the category where they get zero subsidy. That’s how they roll.