Health Care Taxes - If you don’t meet government requirements.
Section 501 imposes a 2.5 percent tax on all individuals who do not purchase “bureaucrat-approved” health insurance - the tax would apply on individuals with incomes under $250,000, thus breaking a central promise of then-Senator Obama’s presidential campaign. (Page 297)
SEC. 501. TAX ON INDIVIDUALS WITHOUT ACCEPTABLE HEALTH CARE COVERAGE.
(a) In General- Subchapter A of chapter 1 of the Internal Revenue Code of 1986 is amended by adding at the end the following new part:
‘PART VIII--HEALTH CARE RELATED TAXES
‘subpart a. tax on individuals without acceptable health care coverage.
‘Subpart A--Tax on Individuals Without Acceptable Health Care Coverage
‘Sec. 59B. Tax on individuals without acceptable health care coverage.
Read more at www.opencongress.org‘SEC. 59B. TAX ON INDIVIDUALS WITHOUT ACCEPTABLE HEALTH CARE COVERAGE.
‘(a) Tax Imposed- In the case of any individual who does not meet the requirements of subsection (d) at any time during the taxable year, there is hereby imposed a tax equal to 2.5 percent of the excess of--
‘(1) the taxpayer’s modified adjusted gross income for the taxable year, over
‘(2) the amount of gross income specified in section 6012(a)(1) with respect to the taxpayer.
