Q: Will healthcare reform increase taxes?
Most Americans are required to buy health insurance or pay a penalty for failing to do so. People who fail to enroll or do not obtain an exemption will have to pay a penalty when they file their income tax return. The first penalty would be due in 2015, for the 2014 tax year.
Additionally, the government is taxing insurers to pay for many aspects of the health insurance exchange. For instance, Medicaid expansion will be fully funded by the federal government for the first few years. The direct increase in taxes as a result of these changes will be difficult to estimate until the programs are in full effect.
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Meet the experts to answer the commonly asked questions to help you understand the Health Care Exchange
Linda V. Tiano
Member of the Firm at Epstein, Becker, and Green in Washington, DC and New York
Senior Vice President of Strategic Planning and Business Development at the University of Alabama at Birmingham Health System.
Director of Health Care Reform at Priority Health in Michigan.