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IRS to enforce lack-of-healthcare penalties - and it could run to several thousand dollars
The Patriot Room ^
| August 10, 2009
| Clyde Middleton
Posted on 08/10/2009 3:56:40 PM PDT by clyde_m
Here it is in a nutshell: We are required - every one of us - to report our health-insurance status each tax filing for the preceding year - I'll make this single caveat: It reads where it may be insurance companies are required to give us something like a W-2 for insurance coverage (the only date mentioned is January 31). And since it all leads to paying taxes, we'll be reporting it with our 1040s. Failure to provide insurance for ourselves and every dependent will result in a tax equal to 2.5% of our AGI (adjusted by a de minimus amount) to a maximum of the national average insurance premium for the periods of time for which no insurance was in place. It is not a "fine" or a "penalty," but a tax that falls under the IRS to collect and enforce non-payment. What is the average premium? Not a single number has been floated. So, $500 a month? Medicare Part B alone runs as high as $300. $500 is cheap - let's use it - that's an additional tax of 2.5% of AGI to a maximum of $6,000 for failure to sign up for Obamacare. Further, we don't get insurance for that tax, so functionally it is a fine except the full weight of the Internal Revenue Service will be involved.
Now, let me back up everything I just wrote.
(Excerpt) Read more at patriotroom.com ...
TOPICS: Politics
KEYWORDS: agenda; bhofascism; bhohealthcare; healthcare; healthcontrol; irs; liberalfascism; obama; socialism; socializedmedicine; taxes
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To: epow
Well I guess I will just have to think of another way to freeload. If this is forced upon you can bet I will become a freeloader after all I earned it by paying my own way all these years
To: Abathar; Abcdefg; Abram; Abundy; akatel; albertp; AlexandriaDuke; Alexander Rubin; Allerious; ...
22
posted on
08/11/2009 7:10:29 AM PDT
by
bamahead
(Avoid self-righteousness like the devil- nothing is so self-blinding. -- B.H. Liddell Hart)
To: Man50D
What’s to stop the government from ballooning the national sales tax to, say, 650%?
23
posted on
08/11/2009 9:29:08 AM PDT
by
Rodebrecht
(</government>)
To: Rodebrecht
Whats to stop the government from ballooning the national sales tax to, say, 650%?
Founding father and First Secretary of The Treasury Alexander Hamilton address this issue in Federalist Paper #21. To quote:
"It is a signal advantage of taxes on articles of consumption, that they contain in their own nature a security against excess. They prescribe their own limit; which cannot be exceeded without defeating the end proposed, that is, an extension of the revenue. When applied to this object, the saying is as just as it is witty, that, "in political arithmetic, two and two do not always make four." If duties are too high, they lessen the consumption; the collection is eluded; and the product to the treasury is not so great as when they are confined within proper and moderate bounds. This forms a complete barrier against any material oppression of the citizens by taxes of this class, and is itself a natural limitation of the power of imposing them."
Hamilton eloquently points out by tying taxation to consumption will if Congress were to raise the rate too high then people will respond by reducing purchases. Fewer purchases will lessen the amount of tax collected. Congress can only maximize the amount of tax collected by keeping the tax rate within reasonable boundaries.
24
posted on
08/11/2009 9:38:58 AM PDT
by
Man50D
(Fair Tax, you earn it, you keep it! FairTaxNation.com)
To: clyde_m
All I know is one thing... If the federal gov’t ever screws my with my current private health insurance, or ‘fines’ me through the IRS for not having a ‘public plan’ I will go out of my way to find ways to wage TOTAL ECONOMIC WARFARE on any of local representatives that did this to me.
I am talking about bankrupting them and their immediate family, in any legal way possible, AT A PERSONAL LEVEL. I WANT THEM ***PERSONALLY BANKRUPT***.
I’m not kidding about this.
I could go on, but that’s enough for now.
25
posted on
08/11/2009 8:51:41 PM PDT
by
navyguy
(The National Reset Button is pushed with the trigger finger.)
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