Posted on 07/23/2015 11:30:49 AM PDT by entropy12
Beginning this month, the IRS can levy fines amounting to $100 per worker per day or $36,500 per worker per year, with a maximum of $500,000 per firm.
This Internal Revenue Service penalty is not written into the Obamacare law. The amount is over 12 times the statutory amount in the Affordable Care Act of $3,000 per worker per year. That is what an employer is charged when one of its employees gets subsidized care on one of the health-care exchanges. It’s 18 times the $2,000 penalty for not offering adequate health insurance.
The $100 fine is applicable not only to large firms, but also those with fewer than 50 workers that are exempt from the $2,000 and $3,000 employer penalties. Firms with one worker are exempt. The penalty for S-corporations will take effect on Jan. 1, 2016. The new rule is broad, sweeping and overly punitive.
(Excerpt) Read more at marketwatch.com ...
Ha!
Tyranny reigns!
The US is totally upside down..
One more step toward croaking the US economy!!
“Did you really think we want those laws observed?” said Dr. Ferris. “We want them to be broken. You’d better get it straight that it’s not a bunch of boy scouts you’re up against... We’re after power and we mean it... There’s no way to rule innocent men. The only power any government has is the power to crack down on criminals. Well, when there aren’t enough criminals one makes them. One declares so many things to be a crime that it becomes impossible for men to live without breaking laws. Who wants a nation of law-abiding citizens? What’s there in that for anyone? But just pass the kind of laws that can neither be observed nor enforced or objectively interpreted – and you create a nation of law-breakers – and then you cash in on guilt. Now that’s the system, Mr. Reardon, that’s the game, and once you understand it, you’ll be much easier to deal with.”
—Ayn Rand, Atlas Shrugged, 1957
Hope for Spare Change
That sounds like an excuse for the IRS to help itself to $500K from Walmart, McDonalds, Wendy’s, and every other large retail company in the country.
No law, just thugs.
Tar and feathers.
Otherwise, this stuff will destroy our government and our economy.
This IRS penalty for violating Obamacare will affect every employee and every employer. I can’t believe Americans are accepting the tyranny without resistance.
You forgot the pitchforks, shovels, and pickaxes......
Yeah, I said that...
But the IRS will only levy such penalties if they have definitive proof the small business owner in question supports the Tea Party. :)
""Winston Churchill once famously observed that Americans will always do the right thing, only after they have tried everything else."
What I can’t understand is why there aren’t at least 10 million people ‘living at Galt’s Gulch’.
Please read the details....it’s not just the big outfits...the penalty applies to the smallest outfits, the only exclusion is for outfits with just ONE employee. If you have 2 employees, you will pay $73,000 penalty every year.
I already have the residence there, just have to finish stocking it with supplies..
Keep it simple. If the government wanted to help, simply make it the law that all healthcare expenses are 100% tax credits.
“Firms with one worker are exempt.”
We’ll all be 1099’ers.
In the meanwhile ........
California Senate Votes To Open Up Obamacare To 2.5 Million Illegal Residents
And consider this. Passage of SB 4 could be a real boon to the business of health care delivery in California. California’s impressive medical system could be the leader in international medical tourism.
SB 4 would also make it clear that a foreign person could land at LAX, give Covered California a call and sign up for an almost full pay Platinum plan for a few hundred dollars a month, on the first of the following month when their coverage became effective show up at Cedars-Sinai Medical Center and have thousands of dollars of treatment, get back on the plane and go home, and then drop the coverage.
SB 4 doesn’t have any requirements for how long a person has to be in the country to enjoy these benefits. All SB 4 says is, “No individual in California should be excluded from obtaining coverage through the California Health Benefit Exchange by reason of immigration status.”
“This Internal Revenue Service penalty is not written into the Obamacare law.”
Wow, I’m confused. Where does the authority come from to leverage this kind of tax penalty? Why not $200/day? Why not $1000/day?
In the more meanwhile, Anthem and Cigna are merging — and I have no doubt there will be NO monopoly charges filed — to further reduce the number of insurance carriers to choose from.
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