Starting in 2014, President Barack Obama's health care law will expand coverage to some 30 million uninsured people. At the same time, insurers will no longer be allowed to turn away those in poor health and virtually every American will be required to have health insurance, through an employer, a government program, or by buying their own. <\/p>\n
For the vast majority of people, the health care law won't mean sending more money to the IRS. But the wealthiest 2 percent of Americans will take the biggest hit, starting next year. <\/p>\n
And roughly 20 million people eventually will benefit from tax credits that start in 2014 to help them pay insurance premiums. <\/p>\n
A look at some of the major taxes and fees, estimated to total nearly $700 billion over 10 years. <\/p>\n
Upper-income households <\/p>\n
Starting Jan. 1, individuals making more than $200,000 per year, and couples making more than $250,000 will face a 0.9 percent Medicare tax increase on wages above those threshold amounts. <\/p>\n
They'll also face an additional 3.8 percent tax on investment income. Together these are the biggest tax increase in the health care law. <\/p>\n
Employer penalties <\/p>\n
Starting in 2014, companies with 50 or more employees that do not offer coverage will face penalties if at least one of their employees receives government-subsidized coverage. The penalty is $2,000 per employee, but a company's first 30 workers don't count toward the total. <\/p>\n
Health care industries <\/p>\n
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Read more: <\/p>\n
Partial list of taxes and fees in health overhaul<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" Starting in 2014, President Barack Obama's health care law will expand coverage to some 30 million uninsured people. At the same time, insurers will no longer be allowed to turn away those in poor health and virtually every American will be required to have health insurance, through an employer, a government program, or by buying their own Continue reading