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To: ColdOne
They can always do something drastic, like.....I don't know....READ THE BILL.

From a Politico article, September 2009:

In the most contentious exchange of President Barack Obama’s marathon of five Sunday shows, he said it is “not true” that a requirement for individuals to get health insurance under a key reform plan now being debated amounts to a tax increase.

But he could look it up — in the bill.

Page 29, sentence one of the bill introduced by Senate Finance Committee Chairman Max Baucus (D-Mont) says: “The consequence for not maintaining insurance would be an excise tax.”

And the rest of the bill is clear that the Finance Committee does, in fact, consider it a tax: “The excise tax would be assessed through the tax code and applied as an additional amount of Federal tax owed.”

13 posted on 06/30/2012 11:44:04 AM PDT by edpc (Wilby 2012)
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To: edpc
“The excise tax would be assessed through the tax code and applied as an additional amount of Federal tax owed.”

@ Sec. 9001\4980I IRC (page 793)

TITLE IX—REVENUE PROVISIONS
Subtitle A—Revenue Offset Provisions

SEC. 9001. EXCISE TAX ON HIGH COST EMPLOYER-SPONSORED HEALTH COVERAGE.

(a) IN GENERAL.—Chapter 43 of the Internal Revenue Code of 1986, as amended by section 1513, is amended by adding at the end the following:

‘‘SEC. 4980I. EXCISE TAX ON HIGH COST EMPLOYER-SPONSORED HEALTH COVERAGE.

‘‘(a) IMPOSITION OF TAX.—If— ‘‘(1) an employee is covered under any applicable employer sponsored coverage of an employer at any time during a taxable period, and
‘‘(2) there is any excess benefit with respect to the coverage, there is hereby imposed a tax equal to 40 percent of the excess benefit.

It's a tax and it was known all along that it was a tax.

59 posted on 06/30/2012 12:46:03 PM PDT by philman_36 (Pride breakfasted with plenty, dined with poverty, and supped with infamy. Benjamin Franklin)
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