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The penalty/tax will be phased in from 2014 to 2016.

The minimum penalty/tax in 2016 will be $695 per person and up to 3-times that per family. After 2016, these amounts will increase at the rate of inflation.

The minimum penalty/tax per person will start at $95 in 2014 (and then increase through 2016)

No family will ever pay more than 3X the per-person penalty, regardless of how many people are in the family.

The $695 per-person penalty is only for those who make between $9,500 and ~$37,000 per year. If you make less than ~$9.500, you're exempt. If you make more than ~$37,000, your penalty is calculated by the following formula...

The penalty is 2.5% of any household income above the level at which you are required to file a tax return. That level is currently $9,500 per person and $19,000 per couple. The penalty on any income above that is 2.5%. So the penalty can get expensive quickly if you make a lot of money.

However, the penalty can never be more than the cost of a "Bronze" heath insurance plan purchased through one of the state "exchanges" that will be created as part of Obamacare. The CBO estimates that these policies will cost $4,500-$5,000 per person and $12,000-$12,500 per family in 2016, with the costs rising thereafter.

The IRS will collect the penalty-tax, a fact that will no doubt further enrage those who hate Obamacare.

But here's some more good news for those folks:

The IRS will not have the power to charge you criminally or seize your assets if you refuse to pay. But the IRS will sue youfor 2X the amount you owe.

And, of course, Obamacare isn't free. So, whether you pay the penalty or not, you're going to have to pay a lot of other taxes to pay for it.

Here are some of the new taxes you're going to have to pay to pay for Obamacare:

A 3.8% surtax on "investment income" when your adjusted gross income is more than $200,000 ($250,000 for joint-filers).

A 0.9% surtax on Medicare taxes for those making $200,000 or more ($250,000 joint).

The itemized-deduction hurdle for medical expenses is going up to 10% of adjusted gross income. Right now, any medical expenses over 7.5% of AGI are deductible. Next year, that hurdle will be 10%.

The penalty on non-medical withdrawals from Healthcare Savings Accounts is now 20% instead of 10%. That's twice the penalty that applies to annuities, IRAs, and other tax-free vehicles.

A tax of 10% on indoor tanning services.

A 40% tax on "Cadillac Health Care Plans" starting in 2018. Those whose employers pay for all or most of comprehensive healthcare plans (costing $10,200 for an individual or $27,500 for families) will have to pay a 40% tax on the amount their employer pays.

A"Medicine Cabinet Tax" that eliminates the ability to pay for over-the-counter medicines from a pre-tax Flexible Spending Account.

A tax on medical devices costing more than $100. Starting in 2013, medical device manufacturers will have to pay a 2.3% excise tax on medical equipment. This is expected to raise the cost of medical procedures.

www.businessinsider.com/how-much-is-the-obamacare-penalty-tax-2012-7#i
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Originally posted by Jongsstraw:
the taxman cometh

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