Tuesday, June 26, 2012

Supreme Court deliberates the constitutionality of health care reform bill

So what will be impacted if health care refirm is repealed?

Among others:

The penalty on individual taxpayers for any months during which they or their dependents lack minimum essential health coverage;

The premium assistance credit;

The ability of individuals to add children age 27 or under as dependents for employer-provided health coverage;

The reimbursement of qualified health plan premiums as a qualified benefit excludable from wages;

The penalty on large employers that do not offer affordable health care coverage for their full-time employees; and

The small employer health insurance credit.

The 10-percent tax on indoor tanning services.

The new taxes effective 2013 (3.8 on net investment income and .9 on earned income on those with AGI of $200k or more single $250k or more MFJ)

Since a few of these have already been in effect for a couple of years, it may get messy if repealed retroactively. Additionally, some items may be allowed to stand individually although others are nixed. It may not be all or nothing.

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