Do you pay taxes on Affordable Care Act?

If the APTC paid to their health care providers were more than the premium tax credit (excess APTC), the taxpayer must pay all or part of the excess APTC with their tax return, except that this requirement to repay excess APTC does not apply for tax year 2020.

What is the Affordable Care Act penalty?

Calculating Obamacare tax penalties

Household Size	Annual Income as a Percentage of the Federal Poverty Level (FPL)
2016 Yearly Penalty– Minimum: $695 per adult, $347.50 per child	2.5% = $134.27You pay = Minimum $695
2017 Yearly Penalty- Minimum: $695 per adult, $347.50 per child	2.5% = $134.27You pay = Minimum $695

How is the Affordable Care Act paid for?

To help offset the cost of the law, the ACA contains a revenue-raising provision that would place an excise tax on high-cost insurance plans, beginning in 2018. Most Americans receive health insurance through their employer and the cost of employer-sponsored health insurance is currently excluded from taxation.

Who pays Obamacare tax?

The tax applies only to people with relatively high incomes. If you’re single, you must pay the tax only if your adjusted gross income (AGI) is over $200,000. Married taxpayers filing jointly must have an AGI over $250,000 to be subject to the tax.

What are the problems with the ACA?

The Problem: Affordability The ACA set standards for “affordability,” but millions remain uninsured or underinsured due to high costs, even with subsidies potentially available. High deductibles and increases in consumer cost sharing have chipped away at the affordability of ACA-compliant plans.

Where does the money for Obamacare subsidies come from?

So if you’re a low-income person getting a tax credit from the U.S. Treasury to subsidize your health care, a big chunk of that credit is coming from taxes paid by the well-off.