Monthly advance tax credit up to $4k individual, $14k jointly annual back in, link:
“(c) Monthly Limitation Amounts.— “(1) IN GENERAL.—The monthly limitation amount with respect to any individual for any eligible coverage month during any taxable year is 1⁄12 of—
“(A) $2,000 in the case of an individual who has not attained age 30 as of the beginning of such taxable year,
“(B) $2,500 in the case of an individual who has attained age 30 but who has not attained age 40 as of such time,
“(C) $3,000 in the case of an individual who has attained age 40 but who has not attained age 50 as of such time,
“(D) $3,500 in the case of an individual who has attained age 50 but who has not attained age 60 as of such time, and
“(E) $4,000 in the case of an individual who has attained age 60 as of such time.
“(2) LIMITATION BASED ON MODIFIED ADJUSTED GROSS INCOME.— “(A) IN GENERAL.—The amount otherwise determined under subsection (b)(1)(A) (without regard to this subparagraph but after any other adjustment of such amount under this section) for the taxable year shall be reduced (but not below zero) by 10 percent of the excess (if any) of— “(i) the taxpayer’s modified adjusted gross income for such taxable year, over “(ii) $75,000 (twice such amount in the case of a joint return). “(B) MODIFIED ADJUSTED GROSS INCOME.—For purposes of this paragraph, the term ‘modified adjusted gross income’ means adjusted gross income increased by— “(i) any amount excluded from gross income under section 911, “(ii) any amount of interest received or accrued by the taxpayer during the taxable year which is exempt from tax, and “(iii) an amount equal to the portion of the taxpayer’s social security benefits (as defined in section 86(d)) which is not included in gross income under section 86 for the taxable year. “(3) OTHER LIMITATIONS.—
“(A) AGGREGATE DOLLAR LIMITATION.—The sum of the monthly limitation amounts taken into account under this section with respect to any taxpayer for any taxable year shall not exceed $14,000.
Link
Now over to Senate...
18 comments:
SEC. 36C. HEALTH INSURANCE COVERAGE.
“(a) In General.—In the case of an individual, there shall be allowed as a credit against the tax imposed by this subtitle for the taxable year the sum of the monthly credit amounts with respect to such taxpayer for calendar months during such taxable year.
...
SEC. 7529. ADVANCE PAYMENT OF HEALTH INSURANCE COVERAGE CREDIT.
“(a) General Rule.—Not later than January 1, 2020, the Secretary, in consultation with the Secretary of Health and Human Services, the Secretary of Homeland Security, and the Commissioner of Social Security, shall establish a program (hereafter in this section referred to as the ‘advance payment program’) for making payments to providers of eligible health insurance on behalf of taxpayers eligible for the credit under section 36C.
Full context is important.
Translate into English please.
I believe it is supposed to mean if you don't have insurance, then you can get up to about 1200 per month per household put into a MSA on the first of the month to be used for healthcare only....
So the consumer has a choice - pay for their own health insurance, or receive money. Tough choice...
If they are uninsured then they get the munnie which is put in an MSA so the card won't work at the liquor store.....
The way it looks to me right now, iow based on the premiums I've seen on our exchange here in Maryland is that it won't be enough for the people close to Medicare age without a few thousand $ deductibles....
The money they saved by not paying insurance premiums will work at the liquor store and elsewhere. What are we missing here?
It gets more leading flow of USDs into the healthcare industry.... where there is none now...
A friend of mine is 50s and he works under a 1099 so he has no insurance and he just pays about a $600 Obamacare fine and has no insurance.... but he never goes to he doctor... but he is getting older and is starting to worry...
So I'm telling him his fine will go away and he may get $3500 he could use to buy a high deductible plan at least in case something big happens... if this passes...
I had not looked at the details of the plan closely, but this gave me a different perspective on it all. So can anyone point blank tell me if this is going to be as big of a disaster as the ACA or not? I hear the part about receiving money, but then all the rhetoric I've heard in the news about 20-30 million people losing their health insurance.
Too early to get worked up about this yet.
The Senate has to pass a bill and then the two bills have to go through a reconciliation process and a final vote taken. This is expected to take months if it is even possible to accomplish.
Just now few seem to expect that a final outcome will look like the House bill does now.
The thing to remember is that the objective is to increase affordability while reducing subsidies, but that cannot be done without reducing coverage since there is no obvious way to increase efficiency to reduce costs while preserving effectiveness.
The overall objective is really to "save munnie" so that taxes can be cut without blowing out the budget, while being able to claim having "repealed Obamacare." It's an ideological thing.
Hard to get worked up about another royal screwing, which we are guaranteed to get one way or the other. The farther they push this the harder it's going to bite them in the ass down the road. I envision a future where a lot of these assholes will be doing an interpretation of Mussolini's finale.
"20-30 million people losing their health insurance."
I think they mean those who are getting the Ocare subsidies will lose that subsidy...
But they will get instead $4k/12 every month in a MSA to have drawn from with more generous income limits.... or 14k / household under $150k income...
We have 2.1M households in Maryland if maybe 1.8M are non Medicare then 1.8M x $14k = $25b annual...
Could U of MD and JohnsHopkins systems split that and take care of everyone in the state under age 65 for $25B between them?
Maybe..
Matt, you're not reading this correctly. There is no money in anyone's pocket (except insurers). And 20-30 million is a conservative estimate. 2/3 of all bankruptcies are medical, even with BO care.
I think Trump is assuming that providers will see that big $25b honey pot and will form their own HMO type systems and go after it like business people....
It's not in anyone pocket it is in their individual MSA on the first of the month... debit card will only work in terminals coded for healthcare providers so you can't buy booze, etc... you just authorize your provider network to debit the account on the first of the month when govt puts the USDs in...
If you listen to him in the video above he says he is sick of paying ransom to the insurance companies
I guarantee Trump thinks the insurers are beating him
The insurers are beating him. But that's not the point, they are beating everyone. To death.
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