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View Diary: Obamacare Application, Unveiled Today, Full of Win (202 comments)

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  •  thanks dave, good explanation altho still... (0+ / 0-)

    doesn't begin to answer the question about low income people who are near, at, or below income tax paying levels...how does one get a tax credit when I pay no tax.
    These payments will be gouged out of ss payments and my small savings.

      Your explanation helps but based on the assumption I would even pay tax...and seems to maybe say if I don't, I might have to pay my premium support back?..or part of it? so that is definitely not going to 'work' smoothly, haha....well, maybe once:>...and this is not for me, but for those seniors <65 who are being ripped by junk insurance with very high deductibles and high premiums...and low or no income...but maybe just enough income or savings to scrape up insurance premiums instead of go to Medicaid quality care.
         There are plenty of low/no income seniors trying to scrape along until they hit 65. Junk insurance is not health care in any sense of the word. It is catastrophe insurance only.
       The 65 year old survivors then get affordable, or more affordable health care, Medicare,.... the lucky ones find their deferred health maintenance has been ok for now, the others find untreated breast cancer, lung cancer, heart disease etc...too bad for them. What a system.

    Looks I will have to fill out the form to see..but the basic question remains: how is a tax credit any incentive to pry money away from low income seniors?

    we will see, thanks.

    This machine kills Fascists.

    by KenBee on Wed May 01, 2013 at 02:14:06 PM PDT

    [ Parent ]

    •  Tax Credits (0+ / 0-)

      reduce the amount of tax for which you are liable. Unlike a deduction, which reduces the amount of income subject to tax, a tax credit directly reduces your tax liability.

      They come in 2 flavors; refundable and non-refundable....the latter can reduce your tax liability to zero but not below; the former (think Earned Income Credit) can increase one's refund by decreasing one's tax liability below 0.

      Fear doesn't just breed incomprehension. It also breeds a spiteful, resentful hate of anyone and everyone who is in any way different from you.

      by awesumtenor on Wed May 01, 2013 at 09:47:14 PM PDT

      [ Parent ]

      •  ok but some of us pay no income tax and have no re (0+ / 0-)

        fund, so how is this helping us again.
        A typical scenario where in their 60's, retired, getting Social Security at 62, paying out of SS and savings for junk insurance...how is this 'tax credit' helping?

        Maybe there is a maximum insurance premium support that will be no where near real insurance premiums that low income seniors pay for junk insurance...and it will be help, it will be better than nothing etc...but I am asking.

        and I ain't the only one in this bracket...

        This machine kills Fascists.

        by KenBee on Wed May 01, 2013 at 11:30:15 PM PDT

        [ Parent ]

        •  If you have no refund (0+ / 0-)

          and you have a refundable tax credit, then you will get a refund in the amount of the tax credit

          Fear doesn't just breed incomprehension. It also breeds a spiteful, resentful hate of anyone and everyone who is in any way different from you.

          by awesumtenor on Thu May 02, 2013 at 10:34:44 AM PDT

          [ Parent ]

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