Page 7 of 8 FirstFirst ... 5678 LastLast
Results 61 to 70 of 71

Thread: Lower 2014 income can net huge health care subsidy

  1. #61
    Sage
    Boo Radley's Avatar
    Join Date
    Dec 2009
    Last Seen
    11-22-17 @ 04:22 PM
    Gender
    Lean
    Liberal
    Posts
    36,858

    Re: Lower 2014 income can net huge health care subsidy

    Quote Originally Posted by ReformCollege View Post
    Do I really need to hold your hand going back through this post? I said that this sort of thinking, along with numerous other posts he has made in the past, is what forms the basis of socialism.

    And you're right, so a 5 hour work week would be that much better right?!? Yeah no. There is a nice happy medium where you work enough to be good at your job and productive, but not so much that you are burnt out and unable to do anything else with your life. Which is how we ended up with a 40 hour workweek, which has worked perfectly fine for almost 100 years. So why did the ACA take the liberty to declare that full time is 30 hours? The only people this is going to hurt are those who are now only get 25-29 hours at their part time job instead of 35-36. Besides, there is a huge difference between saying businesses have to pay overtime on a per hour basis, and saying that they have to pay thousands of dollars more for a 29 hour worker than a 30 hour worker.
    And I said, this wasn't about him, but your comment. The comment doesn't apply to socialism. What he says is irrelevant. The facts are what matters.

    And I made no comment about what would or would not be better. I only stated clearly that he was right about the past. That doesn't disqualify any reasonable arguments about nit working less now. So feel free to make a reasonable argument.

    As for the ACA, the point is to decide when someone works enough to qualify, likely an effort at making the misuse of part time workers more difficult. Again, something you may disagree with without making factually inaccurate statements.

    This isn't hard.

    AUSTAN GOOLSBEE: I think the world vests too much power, certainly in the president, probably in Washington in general for its influence on the economy, because most all of the economy has nothing to do with the government.

  2. #62
    Guru
    Samhain's Avatar
    Join Date
    Sep 2011
    Location
    Northern Ohio
    Last Seen
    01-16-18 @ 07:08 PM
    Lean
    Libertarian
    Posts
    3,912

    Re: Lower 2014 income can net huge health care subsidy

    Quote Originally Posted by MaggieD View Post
    Well, maybe. But working less still means less money. I'm not at all sure how the subsidy works. It should be progressive, which would avoid much of the nonsense. If one is putting $50,000 into a SEP plan and spending down their cash in order to get a subsidy....well, that's just one more loophole that has to be fixed. Putting money into a tax-deferred savings account should not invoke subsidies. If it does? It needs fixing.
    Because of the way the cutoff works, making 1 dollar less than the cutoff will net you thousands in reduced premiums. Like others have pointed out, there are numerous ways to reduce your taxable income, like boosting 401k or Roth contributions. For those that work part time, and most likely also those that would be looking to get their insurance through the exchange, they could either setup an IRA to reduce their income to meet the subsidy cliff, or work less.

  3. #63
    Professor
    Join Date
    Jul 2013
    Last Seen
    11-30-13 @ 07:05 PM
    Lean
    Undisclosed
    Posts
    1,293

    Re: Lower 2014 income can net huge health care subsidy

    Quote Originally Posted by sangha View Post
    IOW, you got pwned, so now you're going to try and change the subject and hope no one notices.
    LOL. Only in the land of liberal loony land is less more.

    Somebody still pays right now and the people making less now, make less later. Just another loser idea created to create as many losers as possible.
    "“If we don’t deepen our ports all along the Gulf — places like Charleston, South Carolina; or Savannah, Georgia; or Jacksonville, Florida…” -Obama

  4. #64
    Banned
    Join Date
    Jul 2012
    Last Seen
    01-22-17 @ 09:27 AM
    Gender
    Lean
    Slightly Conservative
    Posts
    4,136

    Re: Lower 2014 income can net huge health care subsidy

    Quote Originally Posted by sangha View Post
    What is "bad" about a system that encourages people in their 60's to avoid taxes by encouraging them to put more money in their tax-deferred IRA's?
    Lol. Because this law is only for people in their 60's right?

    What's bad is that the subsidies aren't scaled. Paying people 1,000s of dollars to save an extra hundred isn't good policy. Why are you defending this?

  5. #65
    Sage
    sangha's Avatar
    Join Date
    Jul 2011
    Location
    Lower Hudson Valley, NY
    Last Seen
    01-17-18 @ 09:43 PM
    Gender
    Lean
    Independent
    Posts
    60,111

    Re: Lower 2014 income can net huge health care subsidy

    Quote Originally Posted by ReformCollege View Post
    Lol. Because this law is only for people in their 60's right?

    What's bad is that the subsidies aren't scaled. Paying people 1,000s of dollars to save an extra hundred isn't good policy. Why are you defending this?
    The subsidies are scaled. They get lower as one's incomes gets higher.
    Quote Originally Posted by matchlight View Post
    Justice Thomas' opinions consistently contain precise, detailed constitutional analyses.
    Quote Originally Posted by jaeger19 View Post
    the vast majority of folks that need healthcare are on Medicare.. both rich and poor..

  6. #66
    Banned
    Join Date
    Jul 2012
    Last Seen
    01-22-17 @ 09:27 AM
    Gender
    Lean
    Slightly Conservative
    Posts
    4,136

    Re: Lower 2014 income can net huge health care subsidy

    Quote Originally Posted by sangha View Post
    The subsidies are scaled. They get lower as one's incomes gets higher.
    They are bracketed. Bracket =/= scale.

  7. #67
    Guru
    Samhain's Avatar
    Join Date
    Sep 2011
    Location
    Northern Ohio
    Last Seen
    01-16-18 @ 07:08 PM
    Lean
    Libertarian
    Posts
    3,912

    Re: Lower 2014 income can net huge health care subsidy

    Quote Originally Posted by sangha View Post
    The subsidies are scaled. They get lower as one's incomes gets higher.
    Quote Originally Posted by ReformCollege View Post
    They are bracketed. Bracket =/= scale.
    ACA Subsidy Cliff May Incentivize Some To Earn Less
    Here is an example to illustrate.

    From the premium data we can see that the second lowest silver plan (this is the plan used to determine subsidies) available on the exchange from Freelancers costs $394.58 for an individual and will cost $1,065 for a family monthly. On an annual basis, this plan would cost $12,784 before subsidies. As we stated above, if the family above earns less than $78,120 they will only be required to spend $7,421, with the government subsidizing the rest. That's a total savings of $5,363!

    $78,120 - $7,421 = $70,699 of take-home income after health insurance.

    What happens if the family earns $78,121 dollars? Suddenly they lose the entire amount of the savings and are actually worse off than they were before.

    $78,121 - $12,784 = $65,337 of take-home income after health insurance.

    Since the subsidies come in the form of tax credits, any dollar amount a household receives is essentially after taxes. Therefore to regain the $5,363 dollars in post tax dollars, the family's income would actually have to rise greater than that amount once you account for state, federal and payroll taxes. To illustrate: For a family in this income bracket, they would be responsible for 25% in federal taxes, 6.2% in FICA and 1.45% for Medicare. This family would need to earn $7,962 additional dollars or $86,083 to end up where they were before. For the self-employed because who contribute double to FICA and Medicare they would need to earn $8,983 additional dollars.
    In this example, making one dollar above $78,120 requires the household to increase their gross salary by $7,962 in order to return to the same level of take home pay.

  8. #68
    Sage
    sangha's Avatar
    Join Date
    Jul 2011
    Location
    Lower Hudson Valley, NY
    Last Seen
    01-17-18 @ 09:43 PM
    Gender
    Lean
    Independent
    Posts
    60,111

    Re: Lower 2014 income can net huge health care subsidy

    Quote Originally Posted by Samhain View Post
    ACA Subsidy Cliff May Incentivize Some To Earn Less
    Here is an example to illustrate.



    In this example, making one dollar above $78,120 requires the household to increase their gross salary by $7,962 in order to return to the same level of take home pay.
    This has already been discussed.

    The solution is not to work less and earn less money. If they make $78,121/yr then the simple solution is to put a dollar into their tax-deferred IRA.
    Quote Originally Posted by matchlight View Post
    Justice Thomas' opinions consistently contain precise, detailed constitutional analyses.
    Quote Originally Posted by jaeger19 View Post
    the vast majority of folks that need healthcare are on Medicare.. both rich and poor..

  9. #69
    Guru
    Samhain's Avatar
    Join Date
    Sep 2011
    Location
    Northern Ohio
    Last Seen
    01-16-18 @ 07:08 PM
    Lean
    Libertarian
    Posts
    3,912

    Re: Lower 2014 income can net huge health care subsidy

    Quote Originally Posted by sangha View Post
    This has already been discussed.

    The solution is not to work less and earn less money. If they make $78,121/yr then the simple solution is to put a dollar into their tax-deferred IRA.
    And hopefully you will be available to provide that tax avoidance advice to the millions of households that will need it.

  10. #70
    Sage
    sangha's Avatar
    Join Date
    Jul 2011
    Location
    Lower Hudson Valley, NY
    Last Seen
    01-17-18 @ 09:43 PM
    Gender
    Lean
    Independent
    Posts
    60,111

    Re: Lower 2014 income can net huge health care subsidy

    Quote Originally Posted by Samhain View Post
    And hopefully you will be available to provide that tax avoidance advice to the millions of households that will need it.
    People are responsible for their decisions. Not me. Not the govt.

    Only idiots are unaware of the existence of tax deferred IRA's
    Quote Originally Posted by matchlight View Post
    Justice Thomas' opinions consistently contain precise, detailed constitutional analyses.
    Quote Originally Posted by jaeger19 View Post
    the vast majority of folks that need healthcare are on Medicare.. both rich and poor..

Page 7 of 8 FirstFirst ... 5678 LastLast

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •