MAGI = $46,000
Health Insurance premium in 2014 (for a silver plan, before tax credit): $4,666 per year
You could receive a government tax credit subsidy of up to: $0 per year
(which covers 0% of the overall premium)
Amount you pay for the premium: $4,666 per year
.
.
Same 50 year old who contributes $6,500 to a traditional IRA,
or who maxes out a 401k etc... for the same amount, or deducts the same for business etc...;
MAGI = $39,500
Health Insurance premium in 2014 (for a silver plan, before tax credit): $4,666 per year
You could receive a government tax credit subsidy of up to: $914 per year
(which covers 20% of the overall premium)
Amount you pay for the premium: $3,753 per year
.
.
$6,500 x 25% = $1,625 Federal Tax Savings
$6,500 x 7% = $455 State Tax Savings
$914 per year Obamacare savings
Total Savings = $1,625 + $455 + $914 = $2,994
.
.
Are they going to recheck everyone's tax filings every year?
Previously;
How to Game Obamacare
Affordable Care Act (ACA aka Obamacare) Calculator etc... from Kaiser
Saturday, November 9, 2013
How to Game Obamacare
"Under the Affordable Care Act, eligibility for ...subsidized health insurance through the Exchanges will be calculated using a household’s Modified Adjusted Gross Income (MAGI).
Modified Adjusted Gross Income (MAGI) includes Wages, Taxable interest, Taxable amount of pensions, annuity or IRA distributions, some Social Security benefits, Business income, Capital gains, Ordinary dividends, Alimony received, Real estate rental income, etc...
Modified Adjusted Gross Income (MAGI) deducts 401(k) and 403(b) savings, Certain self-employed expenses, Student loan interest, Educator expenses, IRA deductions, Moving expenses, Penalty on early withdrawal of savings, Alimony paid, Domestic production activities, etc...
http://laborcenter.berkeley.edu/healthcare/MAGI_summary13.pdf
.
.
According to Kaiser's Family Foundation's Subsidiy Calculator, an average US family of four making $88,000 MAGI, would not recieve an Obamacare subsidy for a Silver plan costing $8,290 per year.
http://kff.org/interactive/subsidy-calculator/
.
.
If both parents are over 50 years old, contributing the maximum $6,500 each to a traditional IRA would lower taxable compensation for the above family making $88,000 by $13,000, leaving a MAGI of $75,000, which would create an Obamacare subsidy of $1,165 per year.
.
.
If the $13,000 IRA contributions are not taxed at a hypothetical 25% Federal income tax rate, the Federal government would have to pay out $1,165 plus lose $3,250 in taxes that otherwise would have been recieved.
$1,165 + $3,250 = $4,415 net loss to Federal tax revenues.
.
.
If 20 million households do the same thing to qualify for Obamacare subsidies, the Federal government could lose about $88,300,000,000 in tax revenues by the end of 2013's tax season.
Modified Adjusted Gross Income (MAGI) includes Wages, Taxable interest, Taxable amount of pensions, annuity or IRA distributions, some Social Security benefits, Business income, Capital gains, Ordinary dividends, Alimony received, Real estate rental income, etc...
Modified Adjusted Gross Income (MAGI) deducts 401(k) and 403(b) savings, Certain self-employed expenses, Student loan interest, Educator expenses, IRA deductions, Moving expenses, Penalty on early withdrawal of savings, Alimony paid, Domestic production activities, etc...
http://laborcenter.berkeley.edu/healthcare/MAGI_summary13.pdf
.
.
According to Kaiser's Family Foundation's Subsidiy Calculator, an average US family of four making $88,000 MAGI, would not recieve an Obamacare subsidy for a Silver plan costing $8,290 per year.
http://kff.org/interactive/subsidy-calculator/
.
.
If both parents are over 50 years old, contributing the maximum $6,500 each to a traditional IRA would lower taxable compensation for the above family making $88,000 by $13,000, leaving a MAGI of $75,000, which would create an Obamacare subsidy of $1,165 per year.
.
.
If the $13,000 IRA contributions are not taxed at a hypothetical 25% Federal income tax rate, the Federal government would have to pay out $1,165 plus lose $3,250 in taxes that otherwise would have been recieved.
$1,165 + $3,250 = $4,415 net loss to Federal tax revenues.
.
.
If 20 million households do the same thing to qualify for Obamacare subsidies, the Federal government could lose about $88,300,000,000 in tax revenues by the end of 2013's tax season.
Allen Johnson; The Hartzman Factor
"[September 17, 2013's] League of Women Voters mayoral forum drew an overflow audience, the biggest I’ve seen at one of these affairs.
WXII (Channel 12) streamed the event live.
Other current and former elected officials crammed into the big room, including several council members.
That speaks well of the interest in city politics, and the value of a compelling and competitive mayoral race.
The perceived frontrunners, Mayor Robbie Perkins and Councilwoman Nancy Vaughan, are evenly matched and well-experienced.
But dark horse/wild card/long shot challenger George Hartzman also adds to the appeal of these sessions in an odd and interesting way.
You never know what Hartzman will say or do.
He mentioned his kids, his wife and each of his household pets in his introduction.
Sure, he can be reckless with his charges of corruption and cronyism.
But he also can be funny and charming.
And sometimes he touches a nerve or says something that needs saying – for instance, by reminding us of the power and influence of real estate interests in city politics.
Or by questioning city spending.
So he’s more than comic relief.
I wouldn’t be surprised if one reason that crowd was so big was because Hartzman was there."
http://www.news-record.com/blogs/thinking_out_loud/article_e9b51fce-1ffa-11e3-a700-0019bb30f31a.html
WXII (Channel 12) streamed the event live.
Other current and former elected officials crammed into the big room, including several council members.
That speaks well of the interest in city politics, and the value of a compelling and competitive mayoral race.
The perceived frontrunners, Mayor Robbie Perkins and Councilwoman Nancy Vaughan, are evenly matched and well-experienced.
But dark horse/wild card/long shot challenger George Hartzman also adds to the appeal of these sessions in an odd and interesting way.
You never know what Hartzman will say or do.
He mentioned his kids, his wife and each of his household pets in his introduction.
Sure, he can be reckless with his charges of corruption and cronyism.
But he also can be funny and charming.
And sometimes he touches a nerve or says something that needs saying – for instance, by reminding us of the power and influence of real estate interests in city politics.
Or by questioning city spending.
So he’s more than comic relief.
I wouldn’t be surprised if one reason that crowd was so big was because Hartzman was there."
http://www.news-record.com/blogs/thinking_out_loud/article_e9b51fce-1ffa-11e3-a700-0019bb30f31a.html
Affordable Care Act (ACA aka Obamacare) Calculator etc... from Kaiser
http://kff.org/interactive/subsidy-calculator/
Questions About Health Insurance Subsidies;
"How will premium subsidies be provided?
Premium tax credits would be refundable and advanceable. A refundable tax credit is one that is available to a person even if he or she has no tax liability. An advanceable tax credit allows a person to receive assistance at the time that they purchase insurance rather than paying their premium out of pocket and waiting to be reimbursed when filing their annual income tax return.
...The cost of the subsidies is a function of the number of people that are eligible for subsidies, and how generous the subsidies are."
http://kaiserfamilyfoundation.files.wordpress.com/2013/01/7962-02.pdf
Modified Adjusted Gross Income under the Affordable Care Act;
http://laborcenter.berkeley.edu/healthcare/MAGI_summary13.pdf
"you could enroll in a Bronze plan for about $6,264 per year... For most people, the Bronze plan represents the minimum level of coverage required under health reform. Although you would pay less in premiums by enrolling in a Bronze plan, you will face higher out-of-pocket costs than if you enrolled in a Silver plan."
.
.
$40,000;
Household income: 170% of poverty level
Maximum % of income you have to pay
for the non-tobacco premium, if eligible for a subsidy:..........4.91%
Health Insurance premium in 2014 (for a silver plan, before tax credit): $8,543 per year
You could receive a government tax credit subsidy of up to: $6,578 per year
(which covers 77% of the overall premium)
Amount you pay for the premium:$1,965 per year
(which equals 4.91% of your household income and covers 23% of the overall premium)
"you could enroll in a Bronze plan for about $0 per year"
.
.
$50,000;
You could receive a government tax credit subsidy of up to: $5,178 per year
Amount you pay for the premium: $3,365 per year
"you could enroll in a Bronze plan for about $1,086 per year"
.
.
$45,000;
You could receive a government tax credit subsidy of up to: $5,893 per year
Amount you pay for the premium: $2,650 per year
"you could enroll in a Bronze plan for about $371 per year"
.
.
$35,000;
You could receive a government tax credit subsidy of up to: $7,171 per year
Amount you pay for the premium: $1,373 per year
"you could enroll in a Bronze plan for about $0 per year (which is 0% of your household income). By enrolling in a Bronze plan, you would receive $6,264 in subsidies, which would cover the entire amount of your Bronze premium."
.
.
$32,500;
Household income in 2014: 138% of poverty level
Health Insurance premium in 2014 (for a silver plan, before tax credit): $8,543 per year
You could receive a government tax credit subsidy of up to: $7,472 per year
Amount you pay for the premium: $1,071 per year
"...you could enroll in a Bronze plan for about $0 per year (which is 0% of your household income). By enrolling in a Bronze plan, you would receive $6,264 in subsidies, which would cover the entire amount of your Bronze premium."
Questions About Health Insurance Subsidies;
"How will premium subsidies be provided?
Premium tax credits would be refundable and advanceable. A refundable tax credit is one that is available to a person even if he or she has no tax liability. An advanceable tax credit allows a person to receive assistance at the time that they purchase insurance rather than paying their premium out of pocket and waiting to be reimbursed when filing their annual income tax return.
...The cost of the subsidies is a function of the number of people that are eligible for subsidies, and how generous the subsidies are."
http://kaiserfamilyfoundation.files.wordpress.com/2013/01/7962-02.pdf
Modified Adjusted Gross Income under the Affordable Care Act;
http://laborcenter.berkeley.edu/healthcare/MAGI_summary13.pdf
"you could enroll in a Bronze plan for about $6,264 per year... For most people, the Bronze plan represents the minimum level of coverage required under health reform. Although you would pay less in premiums by enrolling in a Bronze plan, you will face higher out-of-pocket costs than if you enrolled in a Silver plan."
.
.
$40,000;
Household income: 170% of poverty level
Maximum % of income you have to pay
for the non-tobacco premium, if eligible for a subsidy:..........4.91%
Health Insurance premium in 2014 (for a silver plan, before tax credit): $8,543 per year
You could receive a government tax credit subsidy of up to: $6,578 per year
(which covers 77% of the overall premium)
Amount you pay for the premium:$1,965 per year
(which equals 4.91% of your household income and covers 23% of the overall premium)
"you could enroll in a Bronze plan for about $0 per year"
.
.
$50,000;
You could receive a government tax credit subsidy of up to: $5,178 per year
Amount you pay for the premium: $3,365 per year
"you could enroll in a Bronze plan for about $1,086 per year"
.
.
$45,000;
You could receive a government tax credit subsidy of up to: $5,893 per year
Amount you pay for the premium: $2,650 per year
"you could enroll in a Bronze plan for about $371 per year"
.
.
$35,000;
You could receive a government tax credit subsidy of up to: $7,171 per year
Amount you pay for the premium: $1,373 per year
"you could enroll in a Bronze plan for about $0 per year (which is 0% of your household income). By enrolling in a Bronze plan, you would receive $6,264 in subsidies, which would cover the entire amount of your Bronze premium."
.
.
$32,500;
Household income in 2014: 138% of poverty level
Health Insurance premium in 2014 (for a silver plan, before tax credit): $8,543 per year
You could receive a government tax credit subsidy of up to: $7,472 per year
Amount you pay for the premium: $1,071 per year
"...you could enroll in a Bronze plan for about $0 per year (which is 0% of your household income). By enrolling in a Bronze plan, you would receive $6,264 in subsidies, which would cover the entire amount of your Bronze premium."
Friday, November 8, 2013
Billy Jones on George Hartzman
"When George first asked me to endorse him as a candidate for mayor of Greensboro I gave him my standard reply, everyone I endorse looses. George replied, "I would prefer to have your endorsement and lose than not have it and win. Don't think you didn't help make this happen."
I'm honored that George believes I've played a roll in pushing him to the top if indeed he gets to the top but I'm not taking credit. It was George Hartzman's hard work that got him there. Like yesterday when he had already made over 100 personal campaign calls before coming to my house to introduce me to his brother who is visiting from Washington, DC.
George moves at 300 miles an hour. I've never seen anyone like him. He's right at home in big money circles and yet can come to east Greensboro and not make people feel as if he thinks himself somehow better than the rest of us...
And that's where George differs. Sure George has his own ideas but George will ask folks what they want to do with their own neighborhoods and talk about how to make that happen... Case in point: the Bessemer Shopping Center. George spoke out for my neighbors when the Greensboro City Council voted to give the shopping center to Skip Alston's development group...
George isn't scared of calling it like he sees it or saying no to the elite status quo. For those who might not be aware, George Hartzman is known nationally for an article, Secrets and Lies of the Bailout: One Broker's Story By Matt Taibbi of Rolling Stone Magazine in which George blew the whistle on Wells Fargo for cheating Greensboro's working class out of their hard earned retirement funds...
The Banksters and Federal government was doing then what the Banksters, Developers and the City of Greensboro does today: picking winners and loosers. George fought it then, he's fighting it now and as Mayor of Greensboro he'll work to put a stop to this corrupt practice in our city...
But I wasn't immediately sold on George. His unusual way of delivering his message threw me at first just as it threw many. But I knew what so many others didn't know. Like George, I have long known that cutting through the barriers established by the status quo and getting your message before the people is impossible if the status quo doesn't want the people to know what you have to say. If you play by the rules of the status quo your voice will never be heard. So like me, George forged new ground, wrote his own rules and got his message before the people in ways the elite continues to criticize right up to the point of passing rules at city council meetings to attempt to silence George Hartzman.
Why? Because George scares the hell out of them. Otherwise they would simply ignore him and wait for George to give up and go away like so many others before him. Another reason to vote George Hartzman.
And finally, I'm voting for George because of what he says at the end of this video.
Billy Jones
I'm honored that George believes I've played a roll in pushing him to the top if indeed he gets to the top but I'm not taking credit. It was George Hartzman's hard work that got him there. Like yesterday when he had already made over 100 personal campaign calls before coming to my house to introduce me to his brother who is visiting from Washington, DC.
George moves at 300 miles an hour. I've never seen anyone like him. He's right at home in big money circles and yet can come to east Greensboro and not make people feel as if he thinks himself somehow better than the rest of us...
And that's where George differs. Sure George has his own ideas but George will ask folks what they want to do with their own neighborhoods and talk about how to make that happen... Case in point: the Bessemer Shopping Center. George spoke out for my neighbors when the Greensboro City Council voted to give the shopping center to Skip Alston's development group...
George isn't scared of calling it like he sees it or saying no to the elite status quo. For those who might not be aware, George Hartzman is known nationally for an article, Secrets and Lies of the Bailout: One Broker's Story By Matt Taibbi of Rolling Stone Magazine in which George blew the whistle on Wells Fargo for cheating Greensboro's working class out of their hard earned retirement funds...
The Banksters and Federal government was doing then what the Banksters, Developers and the City of Greensboro does today: picking winners and loosers. George fought it then, he's fighting it now and as Mayor of Greensboro he'll work to put a stop to this corrupt practice in our city...
But I wasn't immediately sold on George. His unusual way of delivering his message threw me at first just as it threw many. But I knew what so many others didn't know. Like George, I have long known that cutting through the barriers established by the status quo and getting your message before the people is impossible if the status quo doesn't want the people to know what you have to say. If you play by the rules of the status quo your voice will never be heard. So like me, George forged new ground, wrote his own rules and got his message before the people in ways the elite continues to criticize right up to the point of passing rules at city council meetings to attempt to silence George Hartzman.
Why? Because George scares the hell out of them. Otherwise they would simply ignore him and wait for George to give up and go away like so many others before him. Another reason to vote George Hartzman.
And finally, I'm voting for George because of what he says at the end of this video.
Billy Jones
Thursday, November 7, 2013
"3Q GDP DECREASED $58.4 Billion" instead of plus $196.6 billion with Federal Reserve
"Real gross domestic product -- the output of goods and services produced by labor and property located in the United States -- increased at an annual rate of 2.8 percent in the third quarter of 2013"
Bureau of Economic Analysis
.
.
"The Fed is "creating" $85 billion a month in "QE", injecting it into the economy.
These funds... "count" in GDP
So the actual amount of economic activity for which trade occurs must have the QE amount subtracted back out.
The BEA's GDP tables tell us that the gross change in GDP from 2Q -> 3Q was $196.6 billion.
But the Fed's QE program injected $255 billion, so in fact the economy shrank during the 3rd quarter.
http://market-ticker.org/akcs-www?post=225788
.
.
$196.6 billion GDP change - $255 billion QE = -$58.4 Billion
Bureau of Economic Analysis
.
.
"The Fed is "creating" $85 billion a month in "QE", injecting it into the economy.
These funds... "count" in GDP
So the actual amount of economic activity for which trade occurs must have the QE amount subtracted back out.
The BEA's GDP tables tell us that the gross change in GDP from 2Q -> 3Q was $196.6 billion.
But the Fed's QE program injected $255 billion, so in fact the economy shrank during the 3rd quarter.
http://market-ticker.org/akcs-www?post=225788
.
.
$196.6 billion GDP change - $255 billion QE = -$58.4 Billion
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