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This has been known almost since the beginning. I'm suprised you didn't know this. It has been discussed, and blogged about previously all over the Internet and on Cable News channels.
Honestly no. I can sum it up by saying that I am probably in the majority that did not know what was in this bill; besides, you remember the beautiful Nancy Pelosi's famous words 'we need to pass the bill so we can find out what's in it'. I suspect the majority of the country is not aware of this... yet. I would even suggest that many lawmakers were not aware of the problem they created... for lack of 'reading the bill'.
It's true. It'll be more costly when the fine grows. Like most folks that don't pay their taxes, the fine will grow, and you'll eventually pay your back taxes. They'll put a lien on your house.
No they can not. Go read up on this.
The ONLY recourse the IRS has is to grab your refund. They have no authority to do anything else.
Right from the IRS: http://www.irs.gov/uac/Questions-and...lity-Provision
. The law prohibits the IRS from using liens or levies to collect any payment you owe related to the individual responsibility provision, if you, your spouse or a dependent included on your tax return does not have minimum essential coverage.
Oh, wait the Dems wrote a law where people usually VOTE Democratic anyways will still get their refund. Cause it exempts IRS from taking earned income tax credits as a penalty payment.
The junkie won't be around to help you with your IRS issues, so I'd really not take tax advice from him. He's bad enough on political commentary. If you don't have insurance, then you're a burden on those of us who do and you deserve that penalty.Personal responsibility. Ever heard of it?
Witholding tax wasn't established until years after the income tax system was created. Witholding tax was proposed by the former head of the NY Fed, not Treasury. When it comes to the govt. getting it's $$ from average taxpayers you can be assured they will find a way.
I've heard that it's not enforceable but, since it is a tax, why wouldn't that amount be entered on line__ to be added to any other tax due for a total due of___. So people are going to pay the amount due (assuming they owe tax) less the extra tax (penalty tax)?
I've heard that it's not enforceable but, since it is a tax, why wouldn't that amount be entered on line__ to be added to any other tax due for a total due of___. So people are going to pay the amount due (assuming they owe tax) less the extra tax (penalty tax)?
Some will. The vast majority of people get a refund, though, so they will just get the penalty taken out. It is not all that much right now anyway. We're Americans and not Greeks. Most of us feel a moral duty to obey the law and pay (most of) our taxes due. The penalty is a guilt incentive. I doubt it will matter much. Some will refuse to get insurance and refuse to pay out of a sense of outrage and there is nothing that can be done about that crowd. Others will try to save a few bucks by going without insurance and paying the fine. When they get injured or sick they will be stuck with staggering medical bills and debt collectors hounding them day and night. A lot of them probably are used to that anyway, so a few more won't matter. But most, if the Massachusetts experiment is any indication, will sign up for insurance grateful that Uncle Sam is picking up a large share of the tab.
Some will. The vast majority of people get a refund, though, so they will just get the penalty taken out. It is not all that much right now anyway. We're Americans and not Greeks. Most of us feel a moral duty to obey the law and pay (most of) our taxes due. The penalty is a guilt incentive. I doubt it will matter much. Some will refuse to get insurance and refuse to pay out of a sense of outrage and there is nothing that can be done about that crowd. Others will try to save a few bucks by going without insurance and paying the fine. When they get injured or sick they will be stuck with staggering medical bills and debt collectors hounding them day and night. A lot of them probably are used to that anyway, so a few more won't matter. But most, if the Massachusetts experiment is any indication, will sign up for insurance grateful that Uncle Sam is picking up a large share of the tab.
The real issue I have now is if some one qualifies for earn income tax credit and gets a penalty for not having insurance. Technically they are due a refund? Right? Than why doesn't the ACA allow the IRS to automatically subtract the tax penalty from the earn income tax credit?
If regular person owes a $1000 fine for not having insurance and gets a $2000 refund. IRS will automatically take $1000 and give them back the remaining $1000.
But if someone with EITC gets $2000 back and gets a tax penalty of say $300 for not having insurance. Why doesn't the ACA require the IRS to give the same situation back $1700?
'Saw this link on Drudge, and it's from Rush.... according to his tax accountant, the IRS cannot garnish wages, issue a lien, take property, etc., to collect the fines for not having insurance. I suppose the law was written this way so as not to 'disturb' the people who can't afford it to begin with. The problem is, according to the code, is that they can only take the money if you are owed a tax refund. ?? Is this a loophole?
Why do you call it a loophole? It is the way the law was written which EVERY member of Congress read before they voted for it.
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