Thursday, March 14, 2013

Affordable Care Act (Obamacare)

As the government continues to release more information regarding the Affordable Care Act (I am beginning to think this is an oxymoron), the news just keeps getting worse...
  • Click here to read the 21 page draft application that Americans would use to access the health law’s subsidized insurance coverage. In order to figure out how much Americans will pay, the federal government needs to collect lots of information, everything from the size of the family to its income to whether any family members are Alaska Natives (which would make them eligible for additional services through the Indian Health Service). It’s hard to collect all that data in a way that is not a bit complex. Most Americans will either give up or pay someone to fill out the form just as they pay someone to do their taxes. By the way, you will still have to pick a health plan.
  • The Joint Committee on Taxation recently released a 96 page report on the tax provisions associated with Affordable Care Act. The report describes the 21 tax increases included in Obamacare, totaling $1.058 trillion – a steep increase from initial assessment, according to the Tax Prof Blog. The summer 2012 estimate is nearly twice the $569 billion estimate produced at the time of the passage of the law in March 2010. Government programs are always more expensive than anticipated. Click here for more information.

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