“I am here today to tell you that the upcoming tax filing season has the potential to be one of the most chaotic in years,” said Ryan Ellis, an IRS enrolled agent and tax policy director at Americans for Tax Reform.
Ellis warned the House Ways and Means subcommittees on Health and Oversight on Tuesday that the confusion could specificallyl ead to low-income Americans paying an additional $500 or more in unexpected taxes.
From his prepared testimony:
So what happens if the flawed, confusing process results in a tax credit larger than what the law calls for?A hypothetical example might help illustrate: a health exchange customer selects an Obamacare exchange plan. The government estimates that this taxpayer will earn $30,000 this year, which makes her eligible for a $2000 tax credit. This $2000 is paid to the taxpayer’s insurance company to help with premiums.The next spring, our customer/taxpayer is filling out her tax return. Unfortunately, the government estimated the taxpayer earned too little and paid too large a credit. ... She actually earned $40,000, and so only had a $1500 credit coming to her.Depending on the taxpayer’s income level and availability of verified affordable workplace insurance, she will have to pay back much or all of the $500 overage to the IRS. This means skinnier refunds and maybe even liabilities, and it won’t be the taxpayer’s fault — it will be the government’s fault.
I don't intend to even read their shit.
ReplyDelete.
Its on.
And you wusses that do "comply".........................."Crouch down and lick the hands that probe you. May Obama and his Fed-Coats set lightly upon you, and may your posterior never forget that ye were once men.”
ReplyDeleteJT 2014
Whatch it Jt or you'll get a lecture from Mr. Christian who will tell you about slavish obedience to "God's ministers"; aka, politicians; aka, liars, cheats, thieves, murderers.
DeleteHow will people prove they have health insurance so they don't get a fine?
ReplyDeleteIs there ANY chance the Republicans can get a veto-proof majority in the Senate in the November elections? If so they can repeal the African's excrement health care plan and rub his nose in it until the end of his term, which can't come soon enough!!!!!
You sign a statement that you have health insurance that conforms to the ACA when you submit tax returns(how you know, without an attorney to review the bible sized bill, is a different issue).
DeleteThe IRS received funding to have specific agents tasked with making sure the sheeple comply....I have no idea how they are going to do that without audits of people individually.
http://watchdog.org/92975/irs-leviathan-expands-to-enforce-obamacare/
6700 agents to do what they list in the above link seems paltry....
Hopefully the people who hoped to steal something from others will take it big time in the shorts.
ReplyDelete