Monday, March 2, 2015

Will Only Suckers Pay The ObamaCare Tax Penalty?

This year, as many as 6 million taxpayers will learn that they now owe a "Shared Responsibility Payment" because they didn't have health insurance last year.
The SRP is a clumsy euphemism for the ObamaCare individual mandate tax penalty, which is $95 or 1% of household income, whichever is greater, for those who didn't have insurance in 2014. That increases to the greater of $325 or 2% of income for those who don't have insurance this year, and then to $695 or 2.5% of income the year after that.
The mandate and the tax penalty behind it are core elements of the health law, but it's becoming increasingly apparent that they are relatively toothless. There are dozens of exemptions available, some of which require no paperwork. It can be far less complicated to avoid the ObamaCare tax penalty than pay it. And the already overworked Internal Revenue Service has little authority to collect any unpaid penalty taxes due.
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This has led industry analyst Robert Laszewski to ask "is there really an individual mandate?"
Critics and opponents agree that without the individual mandate, ObamaCare has little chance of success. When Solicitor General Donald Verrilli argued for the constitutionality of the mandate before the Supreme Court in 2012, he stated emphatically that without it, ObamaCare would "make matters worse, not better.
Read the rest of the story HERE.

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