On June 28, 2012 β€” two years and two months after passage of the Patient Protection and Affordable Care Act (ACA) β€” the U.S. Supreme Court upheld the constitutionality of the law by a vote of five to four.1Unless Congress takes further action, the provisions of the act currently in effect will remain so, and most others will become effective as planned in 2013 or 2014. As a consumer, taxpayer, and investor, you may want to consider the potential ramifications of this landmark decision.

The Individual Mandate β€” Commerce or Tax?

A primary issue under consideration was the individual mandate, which requires that most U.S. citizens have or buy health insurance beginning in 2014 or pay a penalty.

A recent study using data from 136 countries suggests that spending money for the benefit of others promotes a feeling of happiness in the giver.1 This may not be surprising to the many people who donate to charity. Almost three-fourths of charitable giving in the United States comes from individuals (see chart).

Charitable contributions could also help ease your tax burden; therefore, it’s important to keep appropriate records and follow IRS guidelines.
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