RockRidge Financial Blog >> 2010 Health Care Reconciliation Act
Premium assistance tax credits for purchasing health insurance in the 2010 health reform legislation

The centerpiece of the recently enacted health care overhaul legislation is its provision of tax credits to low and middle income individuals and families for the purchase of health insurance. I'm writing to give you an overview of how the new tax credits will work.

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Employer requirement to offer coverage in the 2010 health reform legislation

The recently enacted health overhaul legislation requires certain employers to offer and contribute to their workers' health insurance or pay a penalty. Under the new law, effective for months beginning after Dec. 31, 2013, a large employer that does not offer coverage for all its full-time employees, offers minimum essential coverage that is unaffordable, or offers minimum essential coverage that consists of a plan under which the plan's share of the total allowed cost of benefits is less than 60%, is required to pay a penalty if any full-time employee is certified to the employer as having purchased health insurance through a state exchange with respect to which a tax credit or cost-sharing reduction is allowed or paid to the employee.

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Penalties on individuals for remaining uninsured in the 2010 health reform legislation

The recently enacted health care overhaul legislation contains an “individual mandate”—a requirement that U.S. citizens and legal residents have qualifying health coverage or be subject to a tax penalty. I'm writing to give you an overview of the penalty provisions enforcing the individual mandate.

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Higher Medicare taxes on high-income taxpayers in the 2010 health reform legislation

High-income taxpayers will be hit with two big tax hikes under the recently enacted health overhaul legislation: a tax increase on wages and a new levy on investments.

To help offset the cost of providing health insurance to millions of Americans, the new law imposes an additional 0.9% Medicare tax on wages above $200,000 for individuals and $250,000 for married couples filing jointly. In addition, for higher-income households, the new law adds a 3.8% tax on unearned income, including interest, dividends, capital gains and other investment income.

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Tax changes affecting small business in the 2010 health reform legislation

For owners of small businesses and their workers, the recently enacted health reform legislation has some key provisions to pay attention to. The major ones include: tax credits; excise taxes; and penalties. But whether a business will be affected by them depends on a variety of factors, such as the number of employees the business has. I'm writing to give you an overview of the provisions in the new law with the biggest impact on small business.

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Tax and Benefits Provisions of the 2010 Health Care Act as Amended by the 2010 Health Care Reconciliation Act-Individuals

The following is a brief overview of the key tax changes affecting individuals in the recently enacted health reform legislation. Please call our offices for details of how the new changes may affect your specific situation.

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