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Tax Impact Obamacare with Timeline

April 1, 2010: Congress recently passed the Patient Protection and Affordable Care Act. This is the health care bill popularly known as Obamacare, which tries to provide health insurance to everyone in America. The bill and amendments to it have been signed into law. How does the law affect/impact you from a tax perspective?

  • Update 6/28/2012: The Supreme Court held that Patient Protection and Affordable Care Act (i.e. Obamacare) is constitutional.
  • Update 9/17/2013: Tea party republicans are considering passing a budget that defunds Obamacare.

There are lots of tax changes, such as increased taxes on pharmaceutical companies, medical equipment companies, health insurance companies, hospitals, etc. Refer to the documentation below for a complete list of changes. However, we've listed most of the provisions that affect individuals below. We've tried to go into more detail than you might find elsewhere. Note that various provisions of the bill go into effect every year from now until 2018. The big changes happen in 2013, 2014, and 2018.

 

2010:

2011:

2012:

2013:

2014:

2015:

2016:

2017:

2018:

2019:

 

Official documentation:

Unofficial documentation:



Contact Pacific Tax 1040

 

IRS CIRCULAR 230 NOTICE: To the extent that this message or any attachment concerns tax matters, it is not intended to be used and cannot be used by a taxpayer for the purpose of avoiding penalties that may be imposed by law.