For many people, like me, ObamaCare has become like a flat fee tax.
Let me explain how.
It’s an amount that must be paid each month. Failure to do so will result in a fine from the government.
It’s not a flat rate tax, which is meant to be the same percentage tax rate but which is still dependent on income. A ten percent tax on a $40,000 annual income is $4,000. But a 10% tax on $250,000 is $25,000. Same percentage rate but a different amount. It is neither a regressive or progressive tax.
Beyond a certain income level, which is relatively low, the net amount charged for ObamaCare coverage doesn’t change. Anyone with the same plan as I have (and who doesn’t receive a government subsidy) pays the same flat fee each month regardless of their income. Read more here.