Stephen Harper: Economic genius or flop?

Stephen Harper: Economic genius or flop?
how tax deductions were started
The battering the economy had taken in the early months of 2015 was further evidence for the steadfast Liberal that Canadians had been fooled all along into believing the Tories knew what they were doing. When I pointed out that, compared to his time …

Huge Debt Can Turn Advanced Degrees Into Liabilities
how tax deductions were started
… the life of the loan. In addition, the federal tax deduction for interest paid on student loans is capped at a meager $ 2,500. … It does seem fair to adjust interest rates on the student loans that were locked in when rates were considerably …

Jack M. Mintz: Corporate tax brakes
how tax deductions were started
So what are deferred corporate taxes? These amounts arise from accelerated tax deductions for costs and other timing differences between accounting and taxable income. For example, suppose a manufacturing company buys a machine costing $ 1 million …

Health–care 'Cadillac' tax could be hurdle in auto talks

Healthcare 'Cadillac' tax could be hurdle in auto talks
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DETROIT — One part of the president's Affordable Care Act could become a key point of debate during UAW negotiations. Beginning in 2018, any individual health insurance plan costing more than $ 10,200 annually or any family plan costing more than …

Effort to cut public funds for Planned Parenthood moves beyond family planning
health care law tax uninsured
Sarah Wheat, Vice President of Community Affairs for Planned Parenthood of Greater Texas, says the program “is a life-line for uninsured women who are having severe symptoms and feel that they might have either cervical or breast cancer.” Texas …

How Obamacare Increased Insurance Coverage In Every State
health care law tax uninsured
President Barack Obama signed the Patient Protection and Affordable Care Act (ACA) on March 23, 2010, and open enrollment for all Americans began on October 1, 2013. While the ultimate outcome of the ACA, also known as Obamacare, remains to be …

How Rubio tried to personalize his tax reform pitch in Detroit on Thursday

How Rubio tried to personalize his tax reform pitch in Detroit on Thursday
tax brackets history
Mike Lee (R-Utah), Rubio has released a tax reform plan that would slash the corporate tax rate to 25 percent from 35 percent, expand the child tax credit to as much as $ 2,500 and create two personal income tax brackets, 15 percent and 35 percent …

The Redistribution Fallacy
tax brackets history
The highest marginal income-tax rate oscillated up and down throughout the 1979–2011 period. It began in 1979 at 70 percent during the Carter presidency. It fell first to 50 and then to 28 percent in the Reagan and Bush years. It rose to 39.6 percent …

Rich People Pay Too Much Tax, Argues Champion Of The Common People Joe Hockey
tax brackets history
If Hockey gets his way and personal income tax rates are massaged to give higher earners some more breathing space, the gap in funds will have to be filled somehow, and given the government's history it's pretty likely people less well-off will end up …

Income Tax Implications of The Healthcare Reform Act – Obama Care

Income Tax Implications of The Healthcare Reform Act – Obama Care
obama care laws

On March 23, 2010 President Obama signed the Landmark Health Care Reform Act and was immediately challenged in court. The result was that many people were left confused about the law and its’ effect your personal bottom line and taxes in particular.

The new law which incorporates a slew of new regulations and requirements for businesses and individuals is intended to increase the number of people covered by medical insurance and by doing so reduce the cost for everyone. The Health Care Reform Act commonly referred to as Obama Care is being phased in over the course of eight years with the vast majority of the law in place by the end of 2014.

One of the ways the law is intended reduce costs is through the creation of state-based exchanges. These exchanges allow lower income individuals and families to purchase coverage by taking advantage of cost sharing. Small businesses may also purchase insurance through the state exchanges and take advantage of similar cost benefits. The state exchanges will be available to individuals and families who are between 133-400% of the federal poverty level which is incomes from about $ 23,050. to $ 92,200 for a family of four.

The Health Care Reform Act, Obama Care does require that individuals without employer provided health coverage purchase their own or be subject to a tax penalty. The penalty for not purchasing coverage is based on income and therefore varies. The tax penalty will be eased into effect and at its’ maximum will run from $ 695 to $ 2,085. per year. For a family of four with a household income of $ 50,054. the average tax penalty will be about $ 1,251. per year.

The majority of households, estimates range from 70-80%, who do not have some form of employer based health coverage will be eligible for premium support and as such will have access to state exchanges. The average family of four with a household income of $ 50,000 a year will pay about $ 3,400 a year for insurance.

The cost for an average family of four breaks down as follows:

Household Income: $ 50,000.

Total Cost of Insurance: $ 17,853.

Tax Credit: $ 14,468.

Final Cost to Taxpayer: $ 3,385.

The Henry Kaiser Family Foundation website provides a great tool to calculate your actual cost for health insurance beginning with the year 2014. The health reform subsidy calculator allows you to put in your family income, size and your age and calculates exactly what your costs will be.

Employers

In most cases businesses who employ more then 50 people, full-time, will be required to provide health insurance coverage under this law. The law states that if you have more then 50 full-time employees and at least one of them receives the premium support tax credit a fee (tax penalty) of $ 2,000 per full-time employee (excluding the first 30) will be assessed. This applies only to employers who do not offer health coverage already.

For employers who do offer coverage but still have a full-time employee who receives a premium support tax credit the employer will have to pay a tax penalty of $ 3,000. for each full-time employee receiving a credit or $ 2,000. per employee, excluding the first 30, whichever is less.

It is important to note that all the tax penalties for employers pertain to full-time employees only. For example a business with 100 employees of which only 49 are full-time is exempt from providing coverage.

I have been writing about taxes, tax preparation and accounting related topics for 10 years. Visit us online CPA Tax Center or Lorraine Palka, CPA

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Worse Than The Supremes: Obamacare Economics

Worse Than The Supremes: Obamacare Economics
obama care punishment
And across-the-board Obamacare tax increases are inflicting heavy punishment on investment — right when the U.S. economy desperately needs more capital as a way of solving a steep productivity decline. Because of Obamacare, there's an additional 0.9 …

Kudlow: The Obamacare economics disaster
obama care punishment
And across-the-board Obamacare tax increases are inflicting heavy punishment on investment — right when the U.S. economy desperately needs more capital as a way of solving a steep productivity decline. Because of Obamacare, there's an additional 0.9 …

IRS to Obamacare Victims: You're On Your Own, Chumps
obama care punishment
The Obama administration's relentless efforts to punish the American people for defying its wishes continue, as the Internal Revenue Service throws a massive temper tantrum about “budget cuts” and tells terrified Obamacare victims they're on their own …