President Obama seeks to make changes to controversial health insurance tax

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Obama to introduce changes to Cadillac tax with his 2017 budget plan President Barack Obama has plans to introduce changes to the controversial “Cadillac tax” that was approved in late 2015. Unlike the name suggests, the Cadillac tax has nothing to do with auto insurance. Instead, it is focused on health insurance, particularly plans that are sold in the private market. President Obama is set to introduce the changes he wishes to make to the tax when he announced his 2017 budget plan next week. Cadillac tax has been a…

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Consumers could be repaying the tax credits they received for health insurance

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H&R Block provides some insight into why some consumers will have trouble with their tax filings this year Acclaimed tax preparation company H&R Block has released statistics concerning the impact the Affordable Care Act will have on tax returns. The federal law is meant to make health insurance more accessible and affordable for consumers throughout the country. This is accomplished through the provision of subsidies, which offset the overall cost of health insurance coverage. The problem, however, is that many people will have to repay some of their tax credits.…

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Health insurance may be more expensive than penalties from the federal government

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Some may be more willing to pay federal penalties than purchase insurance coverage Health insurance may be more costly for consumers in the U.S. than federal tax penalties associated with the country’s health care reform. According to the provisions of the Affordable Care Act, those without insurance coverage face a fine. This fine is based on a person’s income, but is also set at a flat rate of $99. The fine is issued every year and is due when taxes are being filed to the federal government. Researchers find that…

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New tax targeting health insurance products is approved in D.C.

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D.C. Council introduces new tax in order to mitigate financial blow of failed insurance exchange The D.C. Council has approved a new tax that will be placed on all health insurance products that are sold throughout the district. The tax is meant to resolve a specific issue: The financial problems that have been caused by the district’s insurance exchange. The exchange was meant to provide D.C. residents with access to affordable insurance coverage, but it proved quite difficult for these residents to access the exchange due to severe technical difficulties.…

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Health insurance law putting strain on public unions

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Municipalities nationwide are putting the pressure on their unions to accept cheaper benefits. Towns and cities across the United States are now placing pressure on their municipal unions to start accepting cheaper health insurance benefits ahead of an element of the implementation of one of the healthcare reform components that will place a tax on more expensive plans as of 2018. The Affordable Care Act includes a so-called “Cadillac tax”, which was created following the advice of economists. The economists argued that health insurance that was more expensive, in which…

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