posted on Nov, 10 2012 @ 11:29 AM
For not having health insurance starting in 2014, you're looking at penalties of approximately the following at the following income levels:
Less than $9,500 income = $0
$9,500 - $37,000 income = $695
$50,000 income = $1,000
$75,000 income = $1,600
$100,000 income = $2,250
$125,000 income = $2,900
$150,000 income = $3,500
$175,000 income = $4,100
$200,000 income = $4,700
So you can decide on your own if it's cheaper to pay the penalty or buy insurance.
The IRS will not have the power to charge you criminally or seize your assets if you refuse to pay. The IRS will only have the ability to sue you. And
the most the IRS can collect from you if it wins the suit is 2X the amount you owe.
Flexible Spending Account contributions are being capped at $2500.
These are just a couple of items from the law.