It really is testimony to the impossible complexity of the ACA and it's 2,700 pages of law and who-knows-how-many pages of the Federal Register administrative rules that people can so misunderstand what Drudge is correctly paying in his 2014 estimated taxes. The instructions for the current Form 1040ES, line 12, "Other Taxes," lists "additional Medicare tax" and refers the tax filer to IRS Form 8959. Self-employed individuals who earn over $200K-$250K owe an extra 0.9% tax on their Medicare wages, and it has to be paid in 2014; hence Drudge encountering it in doing his 2014 estimated taxes. And, if you dig a little further, you'll find out that this "additional Medicare tax" was imposed in the 2,700 pages of the ACA that we had to pass to find out what was in it.
Maybe they are angry because they were planning to levy a late fee on all those who didn’t pay ‘like Drudge’ in their quarterly taxes after the tax filings next year for 2014, and he has now warned business owners of truth. Could it have been a plan all along to boost revenues through deception and a LATE penalty? Thereby hurting small businesses once again.
The TPM article by Dylan Scott now has comments disabled.
Dylan Scott: http://talkingpointsmemo.com/profile/dylanlscott13