Tax Implications of the Affordable Health Care for America Act

Tax PenaltiesThe new legislation is very expensive, and Congress has come up with a number of ways to pay for it. First of all, there will be a shared responsibility provision that basically forces taxpayers who cannot establish acceptable health care coverage to pay an additional 2.5% tax. There will be a hardship exception though, for taxpayers who cannot afford to pay the tax.Payroll PenaltyIn addition to a penalty on taxpayers who cannot afford coverage, the government

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