Yes, I know the U.S. Supreme Court redefined it as a tax, the only sales tax for not buying something. The tax has increased each year and is 2.5 percent of income for 2016, capped at $2,085 per household. Households with an income of $83,400 will hit the cap resulting in middle income households being taxed at a higher rate than upper earners.
Although most people will buy and few will pay the tax, it’s all part of the frustration that leads to calls to repeal Obamacare.
Personally, our family has opted out under the provisions of 26 U.S.C. §5000A(d)(2)(B)(ii). In plain English, we joined a healthcare sharing ministry, recognized as one of several acceptable alternatives to purchasing private insurance or signing up for public insurance.
Rising premiums and deductibles hit those of us who are self-employed or with individual policies first. Although driven out of insurance by economics, we’re blessed to have joined a community carrying out the advice in Galatians 6:2 to “Bear one another’s burdens, and so fulfill the law of Christ.” It also provides a unique vantage point for observing as the provisions of the ACA continue to slowly roll out. Full story. Sue Lani Madsen, SR