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The premium tax credit is a refundable tax credit in the United States that’s designed to help eligible individuals and families with low or moderate income afford marketplace health insurance.
The Individual mandate tax was $695 per individual or $2,085 per family at a minimum, reaching as high as 2.5% of household income (whichever was higher). The tax was set to $0 beginning in 2019. The tax was set to $0 beginning in 2019.
Starting January 2014, individuals and their families must have at least minimum essential coverage. [ 1 ] [ 9 ] Individuals may be exempt from health insurance coverage in some cases: The minimum amount that they must pay for annual premiums is more than eight percent of their household income.
Under the individual mandate provision (sometimes called a "shared responsibility requirement" or "mandatory minimum coverage requirement" [79]), individuals who are not covered by an acceptable health insurance policy will be charged an annual tax penalty of $95, or up to 1% of income over the filing minimum, [80] whichever is greater; this ...
Median household income rose to $80,610 in 2023, essentially the same as it was in 2019, the Census Bureau reported Tuesday. ... Interest in Obamacare plans has surged in recent years, ...
The highest incomes to be considered middle class are in Hawaii, at $82,630, and then New York and Washington, D.C., where the minimum middle class annual income is $81,396. Out of all 50 states ...
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