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After the midterm elections 
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Kittanning broker John Daloisio said the true financial wallop for many consumers hasn’t arrived yet.
“The real shocker will arrive in April 2027, when that 2026 tax bill hits,” he said. “That’s when it’s going to blow up for some people.”
Some of the changes included in the legislation do not go into effect until then.
Meanwhile, some of the changes mark a return to pre-COVID days.
Before 2020, tax credits dropped to zero the moment a household's modified adjusted gross income rose above 400% of the federal poverty level. Households one dollar over that amount would lose all discounts on their ACA health insurance and receive zero tax credits.
The laws changed during the pandemic, and what previously was a cliff for those who miscalculated their future income became a downward slope for five years. This protection is what is set to expire at year's end if Congress takes no action.
__________
Kittanning broker John Daloisio said the true financial wallop for many consumers hasn’t arrived yet.
“The real shocker will arrive in April 2027, when that 2026 tax bill hits,” he said. “That’s when it’s going to blow up for some people.”
Some of the changes included in the legislation do not go into effect until then.
Meanwhile, some of the changes mark a return to pre-COVID days.
Before 2020, tax credits dropped to zero the moment a household's modified adjusted gross income rose above 400% of the federal poverty level. Households one dollar over that amount would lose all discounts on their ACA health insurance and receive zero tax credits.
The laws changed during the pandemic, and what previously was a cliff for those who miscalculated their future income became a downward slope for five years. This protection is what is set to expire at year's end if Congress takes no action.
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