Another unknown cost to Obamacare

Your Virginia Tech Politics and Religion source
Forum rules
Be Civil. Go Hokies.
Post Reply
133743Hokie
Posts: 11220
Joined: Thu Aug 22, 2013 12:29 am

Another unknown cost to Obamacare

Post by 133743Hokie »

Based on 2015 data, the government paid $24B in subsidies to low income families for their insurance coverage. Of that amount $5.8B, almost 25%, was overpaid, mostly due to people earning more income during the year than they anticipated at the beginning of the year. The government was able to recover $2.3B thru the tax code when people filed their returns in April 2016. However, $3.5B is unrecoverable due to a provision in the code.

When the Obamacare bill was written in 2010 the democrats were afraid that a big tax bill (having to refund some of the subsidy) would dissuade people from signing up for Obamacare in the first place, so they set limits on how much the government could claw back.

Apparently congress has tweaked the cap, but the amount of overpayments is anticipated to by 5x 2015 for 2017, the amount that is unrecoverable is likely to be similar.

IMO this cap needs to be removed.

http://www.americanthinker.com/blog/201 ... er_it.html
User avatar
RiverguyVT
Posts: 30268
Joined: Wed Aug 21, 2013 9:30 pm

Re: Another unknown cost to Obamacare

Post by RiverguyVT »

Crickey!
So I put (the dead dog) on her doorstep!
Salute the Marines
Soon we'll have planes that fly 22000 mph
"#PedoPete" = Hunter's name for his dad.
CFB Apologist
Posts: 3192
Joined: Fri Aug 23, 2013 5:27 pm

Re: Another unknown cost to Obamacare

Post by CFB Apologist »

133743Hokie wrote:Based on 2015 data, the government paid $24B in subsidies to low income families for their insurance coverage. Of that amount $5.8B, almost 25%, was overpaid, mostly due to people earning more income during the year than they anticipated at the beginning of the year. The government was able to recover $2.3B thru the tax code when people filed their returns in April 2016. However, $3.5B is unrecoverable due to a provision in the code.

When the Obamacare bill was written in 2010 the democrats were afraid that a big tax bill (having to refund some of the subsidy) would dissuade people from signing up for Obamacare in the first place, so they set limits on how much the government could claw back.

Apparently congress has tweaked the cap, but the amount of overpayments is anticipated to by 5x 2015 for 2017, the amount that is unrecoverable is likely to be similar.

IMO this cap needs to be removed.

http://www.americanthinker.com/blog/201 ... er_it.html
Arguably the worst bill/law in post 1950 American history.
User avatar
BigDave
Posts: 8012
Joined: Mon Aug 19, 2013 11:20 pm
Alma Mater: Virginia Tech
Party: Republican

Re: Another unknown cost to Obamacare

Post by BigDave »

Awesome ... what do I need to do to sign up for my subsidy? I estimate that I will make $0 next year.
Posted from my Commodore 64 using Tapatalk
133743Hokie
Posts: 11220
Joined: Thu Aug 22, 2013 12:29 am

Re: Another unknown cost to Obamacare

Post by 133743Hokie »

BigDave wrote:Awesome ... what do I need to do to sign up for my subsidy? I estimate that I will make $0 next year.
I'm sure there is a form you can fill out!
Post Reply