Nearly 300,000 Nevadans eligible for health care tax cut
KTNV, 10/12/10 - In Nevada, 287,400 people will be eligible for new tax cutsbeginning in 2014 that will significantly reduce the cost of private healthinsurance for those individuals and families.
The historic tax cut in the health reform law, which isestimated to reduce nationwide income taxes by more than $110 billion in 2014alone, will be provided through tax credits to offset a portion of the cost ofhealth insurance premiums, and Nevadans' tax reductions will approximate $1.1billion in that year.
Those are among the key findings of a report for Nevadareleased today by the health care consumer group, Families USA, whichcommissioned The Lewin Group to use its economic models to estimate how manyindividuals in the state would benefit from the new premium tax credits.
Titled "Lower Taxes, Lower Premiums: The New HealthInsurance Tax Credit in Nevada," the report also states that the vastmajority of Nevadans who will be eligible for the premiums tax credit—96percent—will be in working families.
* Approximately 256,400 people—the majority of those whowill be eligible for the credits—will be in families with a worker who isemployed full-time.
* Another 20,000 people will be in families with a workerwho is employed part-time.
The new tax credit targets middle-income families. Forfamilies of four, the tax credits—provided on a sliding scale—are focused onfamilies with annual incomes between $29,327 and $88,200.
* People with annual incomes at or above 200 percent of the federal povertylevel—$44,100 for a family of four in 2010—will constitute two-thirds (66percent) of the people who will be eligible for a premium tax credit.
* Because the size of the tax credit is determined on asliding scale based on income, however, more than half the dollars from the taxcut (56 percent) will be targeted to families with incomes below 200 percent ofthe poverty level.
"This is the largest middle-income tax cut in history,and it will enable many hard-working Nevadans to afford health insurancepremiums that have stretched family budgets," said Ron Pollack, ExecutiveDirector of Families USA.
"The tax cut will not only put significant extra cashin Nevadans' pocketbooks, but it will also ease the burden of families' growinghealth care costs," Pollack said.
There are about 143,200 uninsured Nevadans who will beeligible for the tax credits, and another 144,200 eligible people who arecurrently insured but are still struggling to afford coverage.
The report for Nevada with extended discussion of theeligibility program can be found on the Families USA website.
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Nearly 300,000 Nevadans eligible for health care tax cut
KTNV, 10/12/10 - In Nevada, 287,400 people will be eligible for new tax cutsbeginning in 2014 that will significantly reduce the cost of private healthinsurance for those individuals and families.
The historic tax cut in the health reform law, which isestimated to reduce nationwide income taxes by more than $110 billion in 2014alone, will be provided through tax credits to offset a portion of the cost ofhealth insurance premiums, and Nevadans' tax reductions will approximate $1.1billion in that year.
Those are among the key findings of a report for Nevadareleased today by the health care consumer group, Families USA, whichcommissioned The Lewin Group to use its economic models to estimate how manyindividuals in the state would benefit from the new premium tax credits.
Titled "Lower Taxes, Lower Premiums: The New HealthInsurance Tax Credit in Nevada," the report also states that the vastmajority of Nevadans who will be eligible for the premiums tax credit—96percent—will be in working families.
* Approximately 256,400 people—the majority of those whowill be eligible for the credits—will be in families with a worker who isemployed full-time.
* Another 20,000 people will be in families with a workerwho is employed part-time.
The new tax credit targets middle-income families. Forfamilies of four, the tax credits—provided on a sliding scale—are focused onfamilies with annual incomes between $29,327 and $88,200.
* People with annual incomes at or above 200 percent of the federal povertylevel—$44,100 for a family of four in 2010—will constitute two-thirds (66percent) of the people who will be eligible for a premium tax credit.
* Because the size of the tax credit is determined on asliding scale based on income, however, more than half the dollars from the taxcut (56 percent) will be targeted to families with incomes below 200 percent ofthe poverty level.
"This is the largest middle-income tax cut in history,and it will enable many hard-working Nevadans to afford health insurancepremiums that have stretched family budgets," said Ron Pollack, ExecutiveDirector of Families USA.
"The tax cut will not only put significant extra cashin Nevadans' pocketbooks, but it will also ease the burden of families' growinghealth care costs," Pollack said.
There are about 143,200 uninsured Nevadans who will beeligible for the tax credits, and another 144,200 eligible people who arecurrently insured but are still struggling to afford coverage.
The report for Nevada with extended discussion of theeligibility program can be found on the Families USA website.
Read the whole article
