Especially now that Sen Collins is being made to look like a fool. I doubt this is heading back to the senate at all.
Ack! Ack! Ack! I missed the time limit for editing my post, and I wrote… “It just seems to (sic) dangerous …” noooooo!!!
And you were right. They kept the individual AMT but raised the limit.
I agree that this is almost certainly not going back to the senate. The question then is: does this have the votes in the House? I assume it does but I’m not sure how the freedom caucus has reacted to it.
I’m still not sure how @calmom and @thumper1’s kids get screwed with the Senate bill. No loss of student loan deductions, self employed should get lower pass through rates, probably have lower tax rate overall.
And as far as health insurance, why not get an inexpensive catastrophic policy, if they are fairly healthy? My son got a very cheap (little more than $100) policy that was fairly comprehensive.
So exactly, how are they screwed?
In a lot of places, catastrophic insurance is barely cheaper than Bronze. In some places, it’s more expensive than the cheapest Bronze.
I wonder how my son got such a cheap policy in San Francisco, then.
When looking at plans for my daughter in New York, I’ve found that the catastrophic plans cost the same as the bronze plans because there is no subsidy for the catastrophic plans.
Being self-employed does not mean one is automatically a pass-through entity. I’m partially self-employed but I have not chosen to go through the formalities of being other than a “sole proprietor” of my “business.”
@busdriver11 re: health insurance…both kids have preexisting conditions…catastrophic coverage is NOT an option.
Are you sure about the student loan deductions? And yes, the kid self employed kid does a schedule C. He also pays a ton in self employment tax…which is fine. But he and I were both under the impression that either the house or senate bills excluded his business expenses.
Well, to start with my kids are supporting their disabled father – so they lose the ability for one of them to claim him as a dependent. And he’s not going to get better, but isn’t going to die either - so a good chance that they will still be supporting him even after grandson grows up.
And my daughter and son-in-law live and work in NYC – meaning they pay both state and city income taxes.
I know you can get catastrophic insurance without revealing any health conditions, however certain things they probably wouldn’t cover. I thought the Senate plan didn’t touch student loan deductions, and wouldn’t he be a passthrough business…not sure how they could exclude his expenses. Wasn’t this bill all about helping businesses? But maybe someone else can answer the question about excluding expenses, I don’t recall hearing that. I hope not, for your son’s sake.
We just met with our accountant yesterday and didn’t hear anything about excluding expenses on Schedule C.
Catastrophic plans have to be ACA compliant. They cover everything, but with a big deductible.
I don’t think they do have to be, in fact my sons specifically said it wasn’t ACA compliant. And if they do away with the penalty, no tax hit.
There are currently non-compliant catastrophic plans that last 12 months? I thought such plans were limited to three months.
I’m not sure how long it was available to last, but I think there was a time limit. However, he did go on it repetitively. I would imagine if they do away with the penalty, there are going to be catastrophic plans for all. Not that it’s the best solution for everyone, but for the young person who rarely goes to their doctor, it’s a good deal.
The problem with short term catastrophic insurance is the short term and the catastrophe. You get a short term insurance plan in January, you have the catastrophe in February, the insurance runs out in March, and then what?
Pretty sure annual catastrophic insurance will be available if Obamacare is ditched.
Pretty sure Obamacare won’t be ditched.